Stop using credit cards
Before you reduce and alleviate the debt, you must use of credit cards. Of course, in an emergency, on the use of the loan. For example, a large car repair, maintenance, etc. On the other hand, if most of your credit card spending revolve around shopping, leisure and entertainment, radically changing living habits is not required.
To avoid unnecessary use of credit, remove all credit cards in your wallet. Not to cancel credit cards. This reduces the rate and credit ratings. Instead, self-determination and to all purchases in cash.
Use the options available to owners
Owning a home puts you at an enormous advantage. Many owners have been free of debt by obtaining loans or refinancing homes. To increase the value of your home, you build equity. Fairness is the difference that you have a mortgage and your company's market value. After receiving the home or refinancing a loan, homeowners have access to their home equity. Funds can be used to consolidate debt. Paying high interest loans will reduce the monthly repayment of debt and save thousands.
The use of debt-management agencies
Before the bankruptcy filing, people with excessive debt, please contact the debt management agency. These organisms are extremely useful and allowed millions of people become debt free in less than five years. The representatives of the assessment of your debts and credit situation and determine the best course of action.
To reduce the monthly payments, the agency would consolidate debt and negotiate with your creditors for lower tax rates, waived fees, etc. low interest rates, it is possible to pay creditors at a faster pace.
When working with the agency debt management, you will not be able to send payments to each creditor. On the contrary, debt management agency to collect payments and funds to repay credit card balances.