You should always seek credit card debt consolidation advice before making such a big decision. For some it can be a great option to lower interest rates and pay back debt more efficiently but for others it can lead to more financial difficulty. So does this debt relief option make financial sense for you?Credit card debt consolidation allows consumers and small businesses to combine all their credit card balances into one monthly payment. The benefit for debt consolidation is the lower interest rate. You get get a significantly better interest rate however you will have to secure your new consolidation loan with a secured asset. This will typically be a house or other large asset that is worth more than the valued of the consolidation loan.This can be a great way to pay back credit card debt more efficiently at a lower interest rate. Just a few points in lower interest rates can result in thousands of dollars in savings over the course of the payback period. However, you must be confident that you can make the monthly payment throughout the course of the loan because if you default on the loan you could end up losing your house or other secured asset.If you are struggling to pay credit card bills and are experiencing a financial hardship then you might want to consider debt settlement over debt consolidation. Debt settlement allows consumers and small businesses to eliminate 40-60% of their unsecured debt and pay back the other percentage in one lump sum or monthly installments. Debt settlement is only intended for individuals on the verge of bankruptcy that have at least $10,000 in unsecured debt.