Transfer the balances to a low interest credit card. A high interest rate makes it practically impossible to reduce credit card debt. The majority of payments go towards reducing the interest, and the principle balance doesn't decrease. Rather than accept a high rate, apply for a low-interest credit card and transfer your high interest balances to the low-rate card.

Apply for a home equity loan. Numerous credit card debt consolidation options are available to homeowners. If you're looking for a quick way to eliminate debt, consider a home equity loan or home equity line of credit. You can tap into your equity and borrow money to pay off your credit cards.

Get a cash-out mortgage refinance. Another option available to homeowners is a cash-out refinance. A refinance creates a new mortgage loan, in which homeowners can obtain a lower interest rate, extended their loan term and acquire cash. Homeowners can borrow money from their equity and use the lump sum to consolidate their credit card debt.

Obtain a secured or unsecured debt consolidation loan. The average credit card has a rate between 15 and 20 percent. However, the average debt consolidation loan has a rate between seven and nine percent. Debtors with an excellent credit history can apply for an unsecured debt consolidation loan and pay off their credit cards. Persons with credit scores under 700 can also acquire a debt consolidation loan. However, these loans require collateral such as a vehicle title or valuable piece of property.

Compare debt consolidation agencies. If you don't own a home, and you can't qualify for a debt consolidation loan, a credit counseling or debt consolidation agency can help. Non-profit agencies are ideal because they don't charge an upfront fee. They speak with creditors on your behalf, negotiate lower interest rate and establish a new pay off plan. Persons who consolidate credit cards through an agency can become debt-free in less than seven years.