When you find yourself having trouble keeping up with several credit card accounts and their due dates, one of the solutions you can consider is to make use of some sort of debt consolidation strategy. There are actually several different ways you can go about the process of consolidating debts into one easy-to-remember monthly payment. In fact, some of these strategies not only make it possible to consolidate credit debt, but will also save money in the long run.

There is a good chance you can consolidate credit debt yourself. If you have at least one credit card with a generous credit limit, and can transfer the balances of your other cards onto the one card, you have instantly consolidated your debt. From that point forward, there is only one monthly payment to manage, which will be much easier than dealing with multiple accounts with varying due dates.

But before you consolidate credit debt in this fashion, take a close look at the interest rate charged on the card. If the rate is lower than the interest rates charged on your other cards, using this method may help in more ways than just simplifying your life. Over time, you will pay less in interest charges by moving all the open balances onto the card with the lower rate of interest. Depending on the amount of credit card debt you have, this could mean saving a substantial sum over the course of a year.

Another way to consolidate credit debt is to take out a loan, using the proceeds to pay off the balances on all your open credit card accounts. This essentially accomplishes the same end as transferring the balances onto one card, since you are left with one monthly debt to manage instead of juggling several smaller debts. If you qualify for a low interest rate on the loan, consolidating debt in this fashion will also save you money over the long term, assuming you make your monthly payments on time.

If neither of these approaches is feasible, you may be able to get help from relatives or friends to consolidate credit debt. Essentially, the loved ones would extend a personal loan to you that would be repaid according to the terms agreed upon by both parties. One advantage is that you will either pay a very low rate of interest, or possibly no interest at all. Whatever the case, it will be easier to retire your total indebtedness a lot faster than if you continued to plod along making individual payments on multiple accounts.

No matter what strategy you use to consolidate credit debt, it is imperative that you not generate new debt. Make a commitment that you will not allow yourself to use your credit cards until the consolidation debt is paid in full. This will probably mean some lifestyle changes, and it may be difficult to change those bad habits. But in the end, you will emerge with an excellent credit rating, no debt, and plenty of available credit to use in an emergency.