Are you a member of the $8,000 club? That $8,000 number represents the average credit card debt for each American consumer. Considering the hefty percentage rates charged by most credit card companies, this adds up to an enormous amount of money that consumers are forced to shell out on a monthly basis. But there are a number of methods to help get you out of the red, including the convenient debt consolidation loan.

Debt consolidation loan

Most people choose a debt consolidation loan to transfer their debts away from credit cards and into something more manageable. This loan draws upon the equity in your house to pay off all your credit card balances entirely. Granted, it's still debt, but the interest you'll pay is generally at a lower rate and is tax deductible. And you can choose from a variety of time periods (referred to as terms) to repay your loan. Longer repayment terms, for example, will give you lower monthly costs.

Transfer debt to zero-percent card

This popular solution is riddled with shortcomings. Consumers are inundated with offers from credit card companies inviting them to transfer their balances in exchange for a 0 percent interest rate. Check the small print on these deals: the 0 percent is usually offered for an introductory period only. After it expires, the rates will likely creep up to double-digits. At best, this is a short-term fix.

Stop spending

The ending of spending is a splendid solution if you plan to don a brown robe and become a Benedictine monk. In reality, stopping spending isn't a viable solution. You can, however, slow down your spending by budgeting, avoiding impulse buying, and becoming a smarter shopper.

Any of these tactics will help you forego your membership in the $8,000 club-it's simply a matter of your tolerance for pain. But the one that seems to be most popular among reformed shoppers gone wild is the ultra-convenient debt consolidation loan.