For the most part, anybody who has read any news on the topic of credit card debt party knows what a credit card debt consolidation consists of. But for the sake of those who have been hiding under a rock, any credit card debt consolidation is the process of putting all of your credit card debt from high interest cards onto a card with a low interest rate.

Thus, the main benefit of credit card debt consolidation is realized in terms of APR reduction (and hence reduction in credit card debt growth rate). This is often said to be the most important benefit as well as the only true benefit from putting your credit card debt on a lower interest card. I am going to show you though  that there are some other benefits to this as well. You have probably seen many of these benefits publicized by suppliers of credit cards, but others you haven’t:

1.    Initial APR: As I talked about previously, the benefit of lower APR is probably one of the biggest. In a lot of instances credit card companies will use this consolidation tactic to attract you into getting their card, and they will offer you a 0% interest rate you for a term of 6 to 9 months.
2.    Standard APR: Your long-term annual percentage rate is another benefit that you are going to gain as it will be calculated at a lower rate as well. It is not a given that every credit card suppliers going to provide you with a lower standard APR for your consolidation, but there are many suppliers that provide the use programs with low APR’s. These programs for debt consolidation normally offer you a trade-off between the standard APR rates and the initial rates.
3.    0% on purchases: You will find this benefit quite often on credit card debt consolidation offers. The 0% interest (or some lower percentage) on purchases is offered as an incentive for credit card debt consolidation. These aren’t never a full-time benefit though, only for a limited time.
4.    Easy management: This credit card debt consolidation benefit is not as discussed as others. However, one benefit of credit card debt consolidation (from multiple to single credit card) is the fact that you need to track and manage a lesser number of credit cards.
5.    Other benefits: Some of the other benefits that you might receive any consolidation include rebates, discounts, and reward points, this is particularly true if you move into a cobranded card.

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The first strategy is to get a second job and devote all income from this job to credit card payments. Even a few hours a week will give you enough extra cash to make larger credit card payments, and will let you keep more of your cash from your primary job so that you donít need to use credit cards every month. When the credit cards are paid off, you can quit your second job.

credit card debt consolidation is another way to get rid of it. Homeowners may be able to get a home equity loan with a lower interest rate than their credit cards, and tax deductible interest. You must also stop using your credit cards if you choose this option, or youíll end up with even more debt in the long run.

Another way to get rid of credit card debt is to use a debt settlement service. However, you should only consider this option if youíre in serious trouble and cannot make your payments. These services negotiate a lower payoff amount and interest rate with your creditors, so that you can pay off your debts faster. These services require you to make one monthly payment to them and then they pay your creditors. Though this will help you pay your balances off faster, your accounts will be closed and your credit will be negatively affected.

Finally, a last resort is bankruptcy. Especially in down economy, many people file bankruptcy over their credit card debt. Bankruptcy eliminates most of your debt and lets you start over. Bankruptcy may be the only option if youíve lost your job or become disabled, and simply have no way to pay your bills. But, you should try every other option before considering bankruptcy. Bankruptcy destroys your credit rating for at least seven years, making it very difficult to buy a house or get any other credit for quite some time.

Eliminating your credit card debt can help you to improve your financial situation. Try one of these strategies to get a hold on your finances today.

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