Credit card consolidation is a method which is used by many consumers today as a result of owning a financial background which is smashed by huge debts. When a consumer opts for debt relief through consolidation, unlike debt settlement he will have to broaden his approach because a single wrong step can prove to be costly.Consolidation helps consumers who are down with several high interest unsecured debts by providing them with a low interest debt which comes in a secured face. When a consumer gets selected for this scheme his prevailing high interest loan will be cut off through a low interest loan which will be paid by lenders. But, the consumer will not get out of his debts at once through this strategy.Instead he will be offered with a better option which he can still have hopes on succeeding. In the process of consolidation the consumer will have to throw away an asset in order to receive the new secured loan, something like a house or a vehicle. If you fail to keep up the promise of paying the low interest loan you will be submitted to a situation where you will definitely lose your asset which was used to support your loan.This is a disadvantage of consolidation. If you are not ready to risk your financial stability on this procedure, the best option for you may be debt settlement which is a fairly cheaper option. It is considered to be much more consumer friendly because it is flexible and simple to handle by a number of consumers. Here you need to have total unsecured debt which exceeds $10k in order to qualify for a debt settlement deal.This is the ultimate method which will help you eliminate more than half of your total debts through a negotiation done with the creditors. This is a very important strategy when it comes to credit card debt relief. Therefore, it is considered to be a much cheaper option when comparing and contrasting with credit card consolidation.