No, there is no such thing as credit cards that offer to turn credit card debts into a single personal loan like the way credit consolidation companies do. There are only credit card providers that allow you to transfer to them your balances with the other credit card companies. You can call them debt consolidation credit cards or Do-It-Yourself debt consolidation programs.

These can get you out of debt relatively easily, if you know how to stick to the payment and lower your monthly expenses at the same time. In order to catch more clients, consolidation credit cards typically offer just the opposite of traditional credit cards: lower interest rates and no annual fees.

On the Internet, there is stiff competition going on among credit card companies. Among debt consolidation cards, many of them would offer you, upon sign up, a very low interest rate on balance transfers, or the amounts of your outstanding debts with the other credit card companies.

You might even be able to save some money by transferring other debts onto this new card. If you had a loan with an 8% interest rate, and your new card had a 3% introductory interest rate, depending on the amount of time left on the loan, it may be wise to transfer your balance over to the card with lower interest.

It is wise to note that these lower interest rates are only good for a limited number of months after signing up, after which they will jump to 20% or more. Lots of people bounce from one card to the next, hoping to keep their rates low, but doing this can be, at best, tricky.

There are still some good reasons to consider these do it yourself methods of credit card consolidation. While interest rates for credit cards have always been high, lots of companies are dropping their rates in an effort to get more customers.

By doing a bit of comparison shopping and computing a bit of math in the process, you might just find that you can save more by consolidating all your loans under one of the debt consolidation credit cards that offers the lowest rate.

Credit consolidation credit cards to not have a monthly fee, which is quite unlike other credit cards. They are being forced to cut these annual fees in order to get customers because there is such a flooding of companies available these days.

Some credit card companies would happily ask you to transfer your existing balances with other credit cards and offer to reduce the debt. Be careful, interest rates still do apply to balance transfers.

If you do not like the idea of debt consolidation credit cards, you can always shop around for professional debt consolidation companies who will negotiate with your credit card companies to lower your debt before consolidating it all into one manageable monthly bill.