Credit card debt consolidation is regarded as the first step towards getting rid of credit card debt. A debt consolidation loan is one of the ways of consolidating credit card debt.
Credit card debt consolidation loan is a low interest loan that you apply for with a bank in order to pay off your high interest credit card debt. A credit card debt consolidation loan too is based on same principle as balance transfers i.e. moving from one or more high interest debts to a low interest one.
A Credit card debt consolidation loan is an unsecured loan. In other words you do not have to give security or something that has value to qualify for such a loan the loan is based on your income, credit worthiness etc.
Although balance transfers and credit card debt consolidation loans have the same objective behind them, the credit card debt consolidation loans are sometimes considered better because you end up closing most of your credit card accounts which have been the cause of you ending up in financial difficulties.
However, balance transfers have their own advantages which are not available with credit card debt consolidation loans. Choosing between credit card debt consolidation loan and balance transfer is really a matter of personal choice.
For more on debt consolidation, mortgages and other related articles, go to www.globalproperty.co.za/credit-card-debt.html