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/

There are many companies that will offer debt consolidation services; however, as a smart consumer, you must check that the company is in fact contacting your creditors and properly filing your consolidated bills.

Perhaps the most favorable option for consumers that have found themselves in trouble of not making their bills is to perform a debt settlement. This can be very beneficial for individuals who can afford this option, because more often than not, a lender will allow for the lendee to settle his/her debt at a lower price than is currently owed.

Resources:

Yetipp.com – Debt Consolidation Help for Everyone