Consolidate, and get out of debt

Almost everywhere in the world, particularly in the United States, the number of people reeling under a heavy burden of debt is on the rise. This has assumed the shape of a serious social problem that needs serious attention. "Debt consolidation", experts say. Chasing unrealistic dreams or reckless spending beyond one's real capacity often makes a person borrow money which he/she is in no position to repay. As a result, the interest on the borrowed money keeps multiplying and the person sinks deeper into debt. Let us consider an example. If you borrow money from a new, third credit card to pay off the balances of your two existing credit cards, you fall into a debt trap from where it is well-nigh impossible to get out.
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A great optionIn such a dismal scenario, one of the most effective options for a person is debt consolidation. In this system, all the debts of the person are consolidated so that he/she is required to make only a single monthly payment with low interest rates. In this way, debt consolidation makes it easier for you to get out of high-interest debts.
Ways of debt consolidationYou can consolidate your debts in a number of ways. The most common among them is the home equity loan in which you can use your home as collateral to get a loan. As this is a secured loan, its interest rates are low. If you want a loan without security or collateral, i.e., an unsecured loan, the job gets tougher and the interest rates become higher. You can use credit card transfers as well but you must repay your outstanding debt within the time frame of the low introductory rate. Retirement funds and life insurance are also worth a try. You can also approach credit unions that offer loans usually at lower interest rates and fees. If you are not yet a member, find out if you are eligible to join one.
One great option is a no-profit counseling agency, which can negotiate with your creditors to get your late fees waived as well as have your interest rates reduced. You can also try to renegotiate the credit conditions with your primary lender. Although many advise against it, personal loan from family and friends can be a real option if the situation so demands. Just carefully choose any one from the above mentioned debt consolidation options and get out of debt as quickly as you can.