When is a get rid of debt plan worth it? A rather trendy system of credit card debt reduction many consider is to find a debt consolidation loan. This is where you utilize the equity in a piece of real estate to pay off credit cards, afterwords setting up the debtor with only one monthly payment on the loan often times with a reduced interest rate. The primary issue with this however is that you have to be a homeowner and have the ability to obtain a loan, and if you fall pastdue on this loan you risk losing your home.