You’ve reached the point where those credit card statements are causing you sleepless nights.  You think about them all the time and, paying the minimum balance each month seems pointless as the interest added is about the same.  You just can’t seem to reduce those debts.  What do you do?

Try a credit card debt consolidation loan.

This option is very useful and can help you save money in the future.  You must be wise with this option however.  The first thing I suggest you do once you receive your loan is to cut up all your cards except the one with the lowest interest rate.

The last thing you want is to end up with a loan and a host of more credit card debts.

Where Can You Get Such A Loan

Here are the ones I found that seemed quite promising.

E-Loan Personal Loans

These loans are powered by Bank of America and what I like about it is that you can borrow up to $25,000.

- They cater for various credit profiles ranging from poor to excellent

- You don’t have to secure the loan against your home although if you do the rate would probably be more competitive

- The application process is straightforward, just choose your credit profile and apply online

- Rates start at 8.99% and maximum loan period is 72 months

- You must have a household income of at least $15,000 and no current bankruptcies or seriously delinquent accounts

At face value it seems a pretty good option.

Another Credit Card Debt Consolidation Loan is offered by Allied Debt Consolidation.  This site allows you to sign up for a free quote online and you will have an answer within 48 hours.

The company caters for less than perfect credit histories, but the site does not state any information about rates or fees attached to the loans.

I like this site because it also provides money management tips and financial advice.  There is a testimonial section where satisfied customers have voiced their opinions, so that would be worth a read.

Wells Fargo Financial

This is another option for a credit card debt consolidation loan.  There are loans for homeowners and non-homeowners.

Beginning with the latter, the amount you can borrow is restricted to $8,500 and the advantages linked to the cash on demand unsecured loan are listed as:

- Access emergency cash 24/7 at ATMs

- When you need additional funds, there is no need to re-apply as the account carries a revolving line of credit

- Make use of the balance transfer options

- Manage your account online for convenience

- When you make payments online, there are no fees to pay

- Best of all there is no annual fee.

The secured loan is given at a value of 110% of your homes value.  The amount you end up borrowing would be based on the equity and value of your home as well as your income and credit history.

Taking out a credit card debt consolidation loan could seem like the answer to all your financial problems.  But to be truly debt free, you must learn to manage your spending.

Credit cards are considered easy money, but when faced with the bills it is not so.

When choosing your credit card debt consolidation loan, choose wisely. Make sure you know all the fees and APRs involved.  Make sure you can repay more than the minimum balance so that you can actually begin to reduce your debt.  And finally, you may not like this one, but get rid of excess credit cards to avoid spending on them once the balance has been cleared.

Make a plan and stick to it and in the long run you should be alright.