Consolidate Your DebtThe average U.S. household carries over $15,000 in credit card debt, making it a common problem that affects a majority of Americans.And not only is it common—it starts early. According to creditcards.com, the average college student graduates with over $600 in credit card debt.Plus, paying off your credit cards is not easy. Even if you pay the monthly minimums, with high interest rates it takes years to get the balance down to zero.Luckily, there are several ways to reduce credit card debt, starting with consolidation. This will lower the overall interest rate, reduce your monthly payments, and strengthen your credit score.Understanding your Credit Card Debt First, know the total. Gather your statements and assess your total credit card debt and the exact interest rate for each card.Second, check your credit rating report. This can be done using any national credit reporting agencies. As a member of BMI FCU, one of our Certified Financial Counselors can get your credit report help you make sense of your credit rating and correct any errors.Credit card debt consolidation can take various forms. It's important to do a little due diligence so you can make the best decision for your debt.How to Consolidate your Credit Card Debt One option is to transfer all your credit card debt to a single card with a lower interest rate, like the BMI Federal Credit Union's low-interest Visa Card. Not only does this make it easier to pay down your debt, all of your payments are in one place—an added bonus!You can also consolidate your debt with a personal loan from a local bank or credit union. A key advantage with this option is an interest rate lower than most credit cards.Regardless of how you choose to tackle your credit card debt, the most important decision you make is to be proactive in bringing the balance down. This will strengthen not only your credit score, but give you more financial opportunities in the future.