Avoid debt elimination arbitrators. These companies love to claim that your debt can be eliminated, though in reality they know that only bankruptcy can result in total elimination. The best these companies can do is reduce the debt you owe. Surprisingly, this is no different than you could do by calling and negotiating with creditors yourself.
If you own your home, consider taking out a home equity loan. Since the interest on these loans is tax-deductible, you can save money in multiple ways. Provided you are able to get a good interest rate, this is a smart way to consolidate your debt into one monthly payment.
Avoid choosing a debt consolidation company simply because of their non-profit status. Even though it may seem like a good deal, non profit doesn't always mean good deal for the consumer. Be sure to check out the BBB online to find reviews and ratings of any debt consolidation company you are considering.
Do you hold a life insurance policy? Cash this policy if you want to reduce your expenses. Talk to your insurance agent and see what the cash value of your policy could be. Sometimes you're able to borrow just a little of what you're investing into the policy so you can pay off your debt.
Now that you know all of these great tips and tricks, all you have to do is put them to use. The sooner you do, the better you will feel. When your debts are paid off and your life is free again, you will never have felt so proud of yourself.
