Having good credit can allow you to use a multitude of options to eliminate credit card debt. Homeowners can utilize equity in their home to either refinance their existing mortgage or secure a home equity loan. This can allow you to borrow money at a low rate There are some potential tax benefits also which your tax advisor can help you to determine. The danger is that securing an unsecured debt is a risk, which should be considered carefully.
If you are not a homeowner or lack equity, then some personal loans may help, but the rates tend to be higher. Also, the lending limits tend to be smaller. This may not give you enough available funds to eliminate all of your outstanding credit card debt balances.
Once your credit score has suffered, then a loan will not help you. Lenders charge a higher interest rate to compensate for the higher risk of lending money to you. That higher interest rate will not save you money, unless your credit cards are all at the default rate.
If this happens, then you might want to consider calling a reputable credit counselor. Established credit counseling agencies that have a good track record tend to be better than those that exist only over a phone. You will want to ask about meeting with a counselor face-to-face. It's OK to work over the phone if you need that flexibility, but you would want to ensure that they do a substantial portion of their counseling sessions in person.
Credit counselors can help you with strategies to eliminate credit card debt on your own. If you are really feeling distracted, then they may even propose a debt management plan. These structured repayment plans can help you get lower interest rates as well as a lower consolidated monthly payment. This can permanently allow you to get back on your feet while slowly rebuilding your credit history. Your late payments and / or high balances can be replaced with a history of on-time payments and diminishing debt balances.
If you need to eliminate credit card debt, consider meeting with a credit counselor today. The session may even be free!