Credit Card Debt

To Whom It May Concern:

Basically, I am carrying credit card debt that I would like to pay off once and for all. Once the debt is paid, I can live within my means, I have a plan that can work (committed expenses, savings, etc. that is "doable" with my current salary); currently however, the minimum payments due have me going in an endless cycle of living paycheck to paycheck with no money leftover and debt still hanging over my head, and its time this stopped. If I had my debt paid, I would be fine with what I am earning.

I have IRAs but its just plain stupid to take money from them in order to pay off my credit cards (for every 1K I take, it amounts to a 10K loss in retirment savings). I would ruin my future and all the hard work already done is this respect.

My credit rating is good (705), so I'd hate to ruin it via bankruptcy, and I believe the law changed and that wouldn't help me either (credit card debts still remain pending).

So, would debt consolidation be the way to go, and what is the fallout from that choice? What exactly happens, and what is the fallout from it (i.e. credit rating drops? Any other effects?)

Thank you in advance for your kind consideration of my request and I look forward to hearing from you.

Sincerely