Am I a Good Candidate for Credit Card Debt Consolidation?

According to government statistics, about 4% of Americans have $10,000 or more in credit card debt. That's a lot of money to owe, and it only gets worse depending on the interest rates associated with that figure.

Many people have their debt spread out over a number of cards. So, some take it upon themselves to bring down their interest rates by transferring balances to a new card with a lower interest rate. That can work for a short time. But often those offers are short-term, and the lower interest rate disappears after six months or less. Or they're late on a payment - as little as a day late - and they see the rate jump from 5% to 23% overnight, and then they're back at square one or worse.

Here's something to consider: If you have an electrical fire, do you put it out yourself and then put up your own drywall and rewire the bad outlet? Or are you like most people who call on an expert for help? Well, think of debt as a small electrical fire that got out of control. You know there's damage that's been done. And you know it needs repair. So, why not consider enlisting the help of an expert in credit card debt consolidation to help you?

Are You a Good Candidate for Credit Card Debt Consolidation?

Not everyone needs credit card debt consolidation. But some people - and you might be one of those - are facing a mountain of debt that they just can't seem to get on top of. All they can manage is the minimum monthly payments, and at that rate it'll literally be decades before it's paid off. A good place to start is here, with a debt consolidation calculator offered by AOL's WalletPop money & finance page. There are others, but what it will do is show you just how long it will take for you to get yourself out of debt. If you don't like what it shows you, you would likely benefit from credit card debt consolidation.

But here are a few things to consider. Ask yourself:

• Am I struggling to keep up with minimum payments?
• Do these difficulties cause your interest rates to rise over and over?
• Do you spend a lot of time worrying about your credit card debts?
• Has your situation impacted your relationship with your spouse?

If you've answered "Yes" to any of these questions and think your credit card balances are rising beyond what you can control, well, then a credit card debt consolidation program may be a good option for you.

With the help of an expert, you can consolidate your debt into a single, low-interest monthly payment. It will no only save you thousands of dollars and speed the process of paying off debts, but it could do the trick to save your slide into less than good credit. Taking this step is seen by most creditors as a positive move, an act of responsible financial management.

In the end, many experts consider credit card debt consolidation to be a significant first step in eliminating debt and a great start toward improving your money management skills.