One option is to request an extra debt consolidation loan so that you can consolidate all of your monthly bills into one easy to manage payment. Credit counseling agencies can be a valuable resource in helping individuals at reducing interest rates and often the total debt balance.

One method popularly used to consolidate debt is to transfer your debt to a low interest rate credit card. This is a good option for many, but as many of you already know, low interest rate credit cards are not always fixed rates. In other words, if you don’t pay down your balance prior to rate increases, you may very well find yourself paying an extraordinarily high rate of interest.

If you are fortunate enough to have equity in your home, applying for a home equity loan may be a great opportunity to use the funds to pay off other lines of credit. You may also be able to use your home’s equity as collateral  on a consolidation loan. Financial institutions will often issue consolidation loans backed by a home’s equity.

Resources:

http://www.frankyoung.net/revealing-debt-consolidation-secrets-for-anyone.html

http://barex.biz/2009/credit-repair-debt-consolidation-secrets/