Millions of people find themselves in debt every year.
If you are one of these people, you're probably asking this question: "Where can I find debt consolidation information?" You may be able to go to your mortgage lender, your bank or credit union to learn about debt consolidation information.
The most readily available source of information, of course, is the Internet.
Do a search using such terms as "credit problems", "repair credit rating", "consolidate debt" and so forth.
Depending on the state of your credit rating or credit score, you may be able to obtain a debt consolidation loan.
However, unless you have collateral to secure a loan, this may not be an option for you.
Probably the most reliable form of debt consolidation information is the home equity loan.
To learn about this, go to your mortgage lender and present the total amount of your debts along with a list of your creditors.
Because you have a home mortgage, and therefore you have collateral, this may be one of the best consolidation options.
Debt consolidation information also includes such options as credit counseling, where a credit counselor works with you and your creditors to find solutions.
Often a credit card company will agree to reduce the amount you owe, provided that you make payments on a regular basis through the credit counselor.
This is also known as debt settlement, debt negotiation, or debt arbitration.
It is infinitely preferable to bankruptcy.
Whatever method you choose for debt repayment, there are a few things that you will have to do prior to beginning the process.
First of all, do you know how much money you owe? Gather your bills together, take a deep breath, sit down and make a list.
Once the information is down on paper, then you will have an idea how you should proceed.
Again, seek debt consolidation information.
Look into credit counseling companies.
Explore the option of a home-equity loan.
Regardless of how you choose to approach repayment of your debts, it is worthwhile to be debt free.
Once you have paid your debts, your credit rating will improve and you will be out from under a very heavy weight.
Congratulations on facing your problems squarely and seeking a solution to your debts.
From this point forward, the only time you should use a credit card is in extreme emergency, or when cash is not available or is not an option.
Use credit wisely, we paid your debt as soon as possible, and do everything you can to avoid being in debt again.