Consolidating credit cards means to take a large number of credit cards whose monthly
bills have become difficult to pay and consolidating them into a single, lower interest, bill.
There are a few things to consider when looking into credit card consolidation. First, are you unable to pay your monthly credit card bills because you simply don't have the money? Also, are the credit card bills becoming a problem for you because there are so many that it has become hard to track which ones you have paid and which ones you have not?
There are risks however with consolidation. Before making a decision remember to weigh the benefits versus the negatives.
There are two things that credit card consolidation should solve. You should be trying to find a much lower interest rate than you are currently paying on your credit cards, and you should have the desire to only pay one bill every month.
You can obtain a lower interest rate in a handful of ways. The two most popular ways involve extending the loan or putting up collateral. In the first case, when you obtain a lower interest rate, this is mainly because you are now taking longer to pay off the debt. In the second example you can obtain a smaller interest rate because you are putting up something of value as collateral against the loan.
A credit card consolidation counselor is someone that can help you through the process of consolidating your debt. They are very helpful in that they have done this many times before so know where to find the lowest interest rates and can talk directly with people at the banks who might be willing to make better deals than you could get on your own.
Once again I should make it clear that if you are able to pay your credit card bills just fine consolidation may not be for you as you might end up paying more in the end if you extend your loan or having to risk losing your collateral. But if you are having trouble paying your bills you should get in touch with a credit card consolidation counselor before things get too out of control.