An interest only loan or a 3 or 5 year ARM (Adjustable Rate Mortgage) may also help to maximize your monthly cash flow. By being able to obtain a much lower rate or by switching to an interest only mortgage, this will free up money from your housing expenses that you will be able to use for paying off those much higher rate credit cards.

Destroying your credit cards, so they cannot be used, may sound strange, but is an excellent way to help pay them off.

If you decide to refinance into a loan that will allow you to pay off your credit cards faster, you will more than likely be able to skip a month of your mortgage payment. Use the money saved from making that payment, and apply it to one of your credit cards.

Remember that once the credit cards are payed down or destroyed to not close out the account. This will help your credit score in the long run. The credit bureaus like to see accounts with a zero balance that have been open for a long period of time.

Consolidation of credit card debt should be considered only a "band-aid." If you continue to use your cards, you will need to repeat this scenario time after time. Should your home not appreciate in price as quickly as in the past, you may not be able to do another consolidation down the road. The permanent fix is to spend within your budget and use cards wisely.