One of the main ways to deal with credit cards and their spiralling balances is with a credit card debt consolidation loan.

Willpower, resolve and a proper budget is needed if this sort of loan is not to end up as another means to drive you deeper and deeper into debt.

All too often people can see a zero balance on a credit card as an opportunity to spend, buying what they think they need - all they are doing is squandering the financial benefit that zero balance had brought them.

By looking at the credit card balances with the highest interest rates, you can make the most effective use of the consolidation loan and reap the greatest benefits.

Although a loan is often put forward as a solution, there are other credit card debt consolidation options which don't necessarily involve closing your accounts.

Unless you destroy your cards and cancel the accounts then this loan is only going to make your financial situation worse.

With one credit card with excellent terms for your every day needs, a credit card debt consolidation loan can be the best way to pay off the remaining cards and start your journey out of debt.

If you're unable to destroy your credit card or cancel your account, then you could look at a balance transfer deal to move your balance to a new card with a lower rate of interest.

You will get offers in the mail that tell you to transfer your credit card debt to this new card and you won't pay any interest on the balance you transfer.

By taking up these deals and transfer your balance, you can reduce your monthly repayments with the much lower introductory interest rate.

A word of warning - balance transfers need to be managed carefully, so that you aren't caught out when the introductory rate period expires and the monthly repayments take a sudden hike.

Credit card companies love you to have high outstanding balances, as they make their profit from the interest charged. Balance transfer deals are the easiest way to get you to put all your debt onto a few cards, so seek proper financial advice when looking at a balance transfer deal.

Without the will to follow through and destroy your cards, you will keep on spending, making the debt consolidation loan just another expense.

If you can face cutting up your cards, then you're ready to use a debt consolidation loan to reduce your debt and better manage your finances.