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Do you have a lot of credit card debt? If so, you may profit by credit card debt consolidation, which is the act of taking out one large loan to pay off all of your outstanding credit card debt. If your current interest rates are high you stand to save hundreds of dollars per month just on interest paid. Depending on your situation there are different ways to consolidate your debt.

Secured or unsecured loan? The loan you take out to consolidate your credit card debt can be either secured or unsecured. If it's secured, it means that you have some type of security that can act as collateral for your loan. In most cases, this would be your home. If you have the opportunity to use your home as collateral you'll be able to negotiate a low interest rate. If you don't have anything you can, or want to, use as collateral your option would be to take up an unsecured loan. Although this will carry a higher interest rate, you will still be able to lower your rate significantly compared to what you pay on your credit cards.

Lower monthly payments. Each and every one of your credit cards will demand that you make at least a minimum payment every month. If you decide to consolidate your debt into one single payment you will be able to lower the amount you pay each month, even if you don't lower the interest rate all that much. The reason is that instead of paying all these different creditors every month, you now have only one loan to pay. The monthly bill will be lower, and you'll pay your debt off faster. This is why credit card debt consolidation appeals to so many people in your situation.