Credit card debt has the ability to choke the life out of you. Credit card consolidation is a small step in the right direction, but in and of itself there is precious little that credit card debt consolidation will accomplish. In a day and age where many consumers are carrying five to ten different cards – many of which might teeter precariously close to the spending limit - credit card debt relief is a much heard phrase. While there are different modes of credit card debt settlement, the only way to truly eliminate credit card debt is either by paying it off or having it discharged during bankruptcy.

While the latter is not a desirable option – much akin to breaking a mirror with the seven years of bad luck following - credit card debt consolidation is often favored by consumers. Yet be aware that eliminating years of debt with credit card debt consolidation is a double edged sword and should be undertaken wisely and advisedly.

With the average credit card debt of the average consumer rivaling the GDP of a small nation, it is not surprising to hear television ads that tout the advantages that you will reap if you consolidate credit cards. Generally speaking, there are two ways to go about this kind of credit card debt consolidation. If you own a home, you will be able to refinance your property, pull money out of the equity and then turn around and apply it to the outstanding balances of your credit cards. From a mathematical point of view this means that you are now financing your hamburgers, hot dogs, and refrigerator for about 30 years.

The other form of credit card debt consolidation involves the help of a third party negotiator who will try to help you with credit card debt elimination by working with the issuer of the card to enable you to make reduced payments, slash your interest rate, and maybe even lower the overall amount you owe. Credit card debt statistics show that while this may be one of the ways to pay off credit card debt, it may also harm your credit in the long run, since credit card debt help is often negatively reported on your credit profile.

Credit card debt consolidation loans are also quite popular, but it is important to realize that after you consolidate credit card debt you will need to prevent building it back up. The use of a credit card debt calculator may sober you to the amount of time it takes to pay off a hamburger dinner, and thus may prevent you from finding yourself in debt with cards as well as a loan on top.