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Different Ways To Consolidate Debt 

Too much debt? Trouble keeping up? Behind or not paying at all? If you're constantly worried about whether or not you can meet your monthly obligations, the follow may help ease your financial burden:

Retirement Accounts - Your employer may allow you loans from your 401(k), but this should be used as an option of last resort. Downside- interest is almost never deductible, and if you cant pay it back within 5 years, the IRS with penalize you. If you quit your job your employer can call the loan in full.

Transfer your credit card balance.-  There's more than one credit card issuer out there and it's an intensely competitive field. Shop around. Chances are you will find a better deal on interest rates, payback, late fees and penalties.

Life Insurance - If you have whole life, you can borrow the cash value of your policy. There's no time limit and you really don't have to pay it back if you don't want to. The amount of the loan will be deducted from the proceeds paid to your beneficiaries when you pass on.

Friends and Relatives - Not the best choice as it's a great way to destroy a relationship, but still and option. Just get it all in writing and make sure you pay them back as agreed.

Equity Loans.-  These can be used to consolidate other long and short-term debt like credit cards  into one lower monthly payment and it may offer a tax deduction on a portion of the interest. The downside is that you are converting short-term debt into long-term debt and your house is used as collateral. Failure to make your payments in a timely manner can cost you your home.

Consumer Credit Counseling - This should be one of the first places you look and offers the best way to pay off your debts. They work with almost all creditors and help in lowering interest rates, waiver of late fees and penalties resulting in a reduced monthly payment. Your pay them, the credit counseling group, a fixed monthly fee which is then remitted to your creditors in a pre-arranged payment program.

Renegotiation - Your lender would rather renegotiate your loan than repossess your  home. They may say no, but it's worth a try. Ask if you can stretch out the payments. Be upfront with them. You may be surprised how receptive the are. They don't want to lose money and are likely to work with you.

Just Pay Off Your Debts - Quit spending more than you take in and pay off what you already have. Tackle you high interest rate debts first and work your way down. As each debt is paid off you are left with fewer creditors and lower interest rate obligations. This is what we call consolidation by elimination.

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