There are several ways to consolidate your bills. The first and most common approach for debt elimination is using the services of Consumer Credit Counseling. Also known as CCCS, this involves putting your debts on a repayment plan with reduced interest rates.

Late on your payments and getting whacked on fees, over the limit charges, and a default interest rate of more than 20 percent? Unfortunately, you are not alone. Late payment fees and other penalties now account for more than 30% of the credit card companies' profits these days. Even worse, not only are you being hit with a late fee of $35 or more, but you’re also getting a ding on your credit report and potentially a jacked up interest rate. According to Bankrate.com, late fee penalties for credit cards averaged $12.55 in 1994. Ten years later that average has almost tripled ($32.65).

Credit card companies, when evaluating the credit risk associated with a particular consumer, the three most important factors to determine the interest rate you will be eligible for.