Credit card consolidation is a very good idea if you are on the brink of financial ruin and considering bankruptcy.
Don't take bankruptcy lightly as it will last on your credit report for up to 10 years.
Credit card companies are bending to the economic times and becoming extremely workable with borrowers as far as negotiating debt.
These companies want to get paid, even if it means they have to lower your interest rate or settle for 50% of what you originally own.
Make sure you talk with a credit debt negotiator and you may be surprised how little the credit card companies will settle for just to get a little bit of the original balance back.
There are three main ways to reduce credit card debt.
The first way is to make additional principle payments.
The next way is to look into consolidation options, and the third is to negotiate with the credit card companies.
All three of these methods are very effective and can prevent you from having to file for a bankruptcy which takes away a lot of your buying power.
Remember that card companies as bad as they may seem still lent you the money that you used.
It's only fair that they get the money back, or some of the money back instead of nothing.
Please seek out credit counseling or debt negotiation companies to see if you can alleviate your debt and make things easier before just automatically turning to bankruptcy.
It will be better for your credit if you can fix things with the credit businesses instead of declaring a BK.
Remember that BK's stay on your credit for up to 10 years!