If you enjoy spending money and have become accustomed to routinely using your credit cards, it can be difficult to stop the urge to spend. Those who are addicted to spending with their credit cards normally continue to do so even when they are convinced of the serious problems they are creating.

Unfortunately most people who get themselves into credit card debt only realize the seriousness of their actions when faced with a financial crisis of debt that cannot be repaid. And often by this point there are few viable options for resolving them, as the spending has normally been going on for some time. This then leads to constant worry about reckless spending since unpaid bills mount and the dreaded daily bill delivery each day by the mailman continues unabated.

One effective method of managing your credit card debt is though consolidation. What follows are a few means of doing so.

* Transfer account balances.

This is a popular method of consolidation. A person who chooses a balance transfer will normally receive another credit card that has a much lower interest rate. When the card is approved, a cash advance should be requested and then used to pay off any outstanding credit card debts. Using this method means that you only wind up making one payment per month at one interest rate. This will save you money and can reduce the amount of time it takes to pay back your debts. It can also help to prevent further worry.

You must be aware that in order to fully benefit from this approach you will need to repay your new credit card bills on time, every time. Making larger payments will reduce your debt even further.

* Obtain a loan using your home as equity.

This can provide a significant benefit, but must be done properly.

Home equity loans are fairly easy to obtain since you have equity to secure against the loan.

The main drawback in using your home as equity is that the house – your place of residence, keep in mind! - will serve as collateral if the loan is not being paid on time. So it is essential you make your payments. The homeowner should ensure that the money from the loan goes to paying off the credit card debt.

If this is not done, the situation will escalate and worsen since there is then even more outstanding debt to pay.

* Use retirement funds.

Sometimes people find that the best way to consolidate credit card debt is to use their retirement funds.

Such loans are not tax deductible. Problems can ensue if the loan is not paid back within 5 years, or by the time the person retires. If that possibility is avoided, the person should then be able to retire as originally planned.

There is no perfect way to consolidate credit cards, and certainly no one method that suits every person's financial needs. Of course, the best approach is to avoid getting into this situation in the first place. That can be accomplished by making sure you are in control of your finances and resist urges to overspend, thus going right back to square one.