The theory is a good one. Consolidate credit cards into one monthly payment, and eventually get all the accounts paid off. For consumers, who are reeling under massive debt, it makes good sense to pursue programs that offer this option of debt relief.

But, there are many options within the theory to consolidate credit cards. There's the traditional program, which takes all of the principle balances and rolls into into a tidy monthly payment plan. If the debt amounts are very large at all, it requires obtaining a consolidation loan, and those are most often secured with collateral. While it still can be defined as consolidation, it places a long burden on the consumer. Any default can mean a loss of property, and statistics say that this type of consolidation is often unsuccessful.

There are other options to consolidate credit cards. Debt settlement and debt management are two of them. Both work similarly, but for consumers with different circumstances. And neither of them require secured loans.

Debt settlement programs consolidate credit cards and their debt. The consumer also pays one monthly amount, but the principle balances have been renegotiated by a debt resolution company. The company also manages an insured account, which is used to pay off creditors as money is amassed. For those with a steady income, this is an ideal solution involving no loans and avoiding bankruptcy.

Debt management is more for the consumer who has suffered job loss, medical illness or even a divorce that has lessened a means of income. The principle is the same as debt management but works slightly differently to accommodate the consumer's circumstances.

To consolidate credit cards is an excellent way to become debt free, but it must be done with some thought toward the future. Debt consolidation loans can tie up the consumer's assets for years, while management and settlement programs see the consumer debt free with 12-48 months depending on amounts owed. It makes financial sense to consider them as sound methods, and with just a little research, the consumer can find a company that he or she feels comfortable to use. There's no reason to be in a financial situation that seems hopeless when there are so many ways to consolidate credit cards and get out of debt in a productive way. The economy may be weak for a while to come, and now is a better time than ever to become debt free.