First, you may wish to consider speaking with a credit counselor. Credit counselors come in different shapes and sizes. You can find not-for-profit debt counselors, for-profit debt counselors, and even attorneys and law offices that specialize in helping consumers towards reducing their debt liability.

Second, you can consolidate your debt. This process involves taking all of your bills and consolidating them into one lower interest rate monthly payment. The most common approach to consolidate your debt is to take out a new loan. Homeowners with equity in their property can use that equity to take out a home equity loan, from which it can be used to pay down your debt.

Finally, you can settle your debt. Debt settlement can often damage a good credit score. This process allows for you to negotiate a lower balance with your creditors, at least those creditors who will agree to such terms. Your debt counselor will contact your creditors and explain to them that you have entered into a settlement program, which will reduce harassing phone calls.

Sources:

http://barex.biz/2009/credit-card-debt-relief-three-ways-to-get-out-of-debt/