If you have multiple high interest credit cards and other financial obligations, debt consolidation or some other debt management strategy may be in order. As you are by now aware, with a debt picture that includes so many high interest obligations, you are soon paying minimum or close to minimum payments every month. This is just to make your interest payment. Little or none of your monthly payment contributes to principal reduction. Your loan or card principal shrinks very slowly. It often takes years to pay off such debts, if they are ever paid off. Many people just keep their cards and other revolving accounts maxed out. If they ever pay them down, they charge them right back up again in short order.

You have several options, one of which is debt consolidation. Debt consolidation entails using a consolidation loan to pay off all your credit card and other high interest loans such as car loans and store charge cards. The consolidation loan has a lower, usually much lower, than the other loans.

You can potentially get several advantages from this debt reduction strategy. This assumes you stop using the credit cards. If you don