finance With Cash Out. You can refinance your mortgage with an option to cash some of the equity out. You can use this equity to pay off your debts. Then you have a new mortgage with a new payoff date. Make sure that the interest rate you are going to refinance at is worth it to pay off your debts.

Bankruptcy. This is the option of last resort. If you cannot possibly make payments and you have no assets, then bankruptcy may be the choice you need to make. This will greatly affect your credit score, however. Consult with a bankruptcy attorney about whether you should file for Chapter 7 or

If you are in debt and thinking of going to a debt counselor, you may be wondering what options there are for you. Depending on your situation, age and how much debt you have, there are a surprising number of options for debt reduction. These are the options you will be presented with.

Self Budget. You can get advice on a monthly budget. This will tell you how much money you need to come in to meet your expenses. Then you need to work out how you can lower your expenses or create more income. This could mean another job temporarily or really cutting back on extra expenses.

Debt Settlement. A credit counseling company will negotiate a settlement with your creditors for you. This means they will be asking for a lower final debt total. This will give you a lower monthly payment.

Consolidation. This is where all of your debts are pooled together in a single amount. Then the counselor will negotiate a smaller final total for you, which will give you a single monthly payment, which is likely to be at least thirty percent lower than your previous payment totals.

Home Equity Loan. Like consolidation, this option is available to you if you own a home and have equity in it. It involves taking out a loan on your home equity and paying off all of your outstanding debts. Most home equity loans have a very favorable interest rate, so you can save money this way. Be very careful not to charge new credit card debt, as you home will be at stake if you cannot make payments.

Life Insurance. If you have a life insurance policy, you can borrow against it. The interest rates are generally favorable. If you do not repay this loan, the amount you owe (plus interest) will be taken out of your benefits.

Credit Counseling. Depending on the agency you select, credit counseling will help you work out payment plans with your creditors. Instead of you paying all of your individual creditors, you make one monthly payment to the counseling agency, which dispenses the funds for you. It is best to choose a not for profit organization and one that has a good rating with the Better Business Bureau.

Consolidation loan If you do not own a home, you may be able to qualify for a debt consolidation loan. This will give you a single loan, which will cover all of your outstanding debts. This can lower your monthly payment at a much lower interest rate.

Mortgage Refinance With Cash Out. You can refinance your mortgage with an option to cash some of the equity out. You can use this equity to pay off your debts. Then you have a new mortgage with a new payoff date. Make sure that the interest rate you are going to refinance at is worth it to pay off your debts.

Bankruptcy. This is the option of last resort. If you cannot possibly make payments and you have no assets, then bankruptcy may be the choice you need to make. This will greatly affect your credit score, however. Consult with a bankruptcy attorney about whether you should file for Chapter 7 or

ement. A credit counseling company will negotiate a settlement with your creditors for you. This means they will be asking for a lower final debt total. This will give you a lower monthly payment.

Consolidation. This is where all of your debts are pooled together in a single amount. Then the counselor will negotiate a smaller final total for you, which will give you a single monthly payment, which is likely to be at least thirty percent lower than your previous payment totals.

Home Equity Loan. Like consolidation, this option is available to you if you own a home and have equity in it. It involves taking out a loan on your home equity and paying off all of your outstanding debts. Most home equity loans have a very favorable interest rate, so you can save money this way. Be very careful not to charge new credit card debt, as you home will be at stake if you cannot make payments.

Life Insurance. If you have a life insurance policy, you can borrow against it. The interest rates are generally favorable. If you do not repay this loan, the amount you owe (plus interest) will be taken out of your benefits.

Credit Counseling. Depending on the agency you select, credit counseling will help you work out payment plans with your creditors. Instead of you paying all of your individual creditors, you make one monthly payment to the counseling agency, which dispenses the funds for you. It is best to choose a not for profit organization and one that has a good rating with the Better Business Bureau.

Consolidation loan If you do not own a home, you may be able to qualify for a debt consolidation loan. This will give you a single loan, which will cover all of your outstanding debts. This can lower your monthly payment at a much lower interest rate.

Mortgage Refinance With Cash Out. You can refinance your mortgage with an option to cash some of the equity out. You can use this equity to pay off your debts. Then you have a new mortgage with a new payoff date. Make sure that the interest rate you are going to refinance at is worth it to pay off your debts.

Bankruptcy. This is the option of last resort. If you cannot possibly make payments and you have no assets, then bankruptcy may be the choice you need to make. This will greatly affect your credit score, however. Consult with a bankruptcy attorney about whether you should file for Chapter 7 or

. It involves taking out a loan on your home equity and paying off all of your outstanding debts. Most home equity loans have a very favorable interest rate, so you can save money this way. Be very careful not to charge new credit card debt, as you home will be at stake if you cannot make payments.

Life Insurance. If you have a life insurance policy, you can borrow against it. The interest rates are generally favorable. If you do not repay this loan, the amount you owe (plus interest) will be taken out of your benefits.

Credit Counseling. Depending on the agency you select, credit counseling will help you work out payment plans with your creditors. Instead of you paying all of your individual creditors, you make one monthly payment to the counseling agency, which dispenses the funds for you. It is best to choose a not for profit organization and one that has a good rating with the Better Business Bureau.

Consolidation loan If you do not own a home, you may be able to qualify for a debt consolidation loan. This will give you a single loan, which will cover all of your outstanding debts. This can lower your monthly payment at a much lower interest rate.

Mortgage Refinance With Cash Out. You can refinance your mortgage with an option to cash some of the equity out. You can use this equity to pay off your debts. Then you have a new mortgage with a new payoff date. Make sure that the interest rate you are going to refinance at is worth it to pay off your debts.

Bankruptcy. This is the option of last resort. If you cannot possibly make payments and you have no assets, then bankruptcy may be the choice you need to make. This will greatly affect your credit score, however. Consult with a bankruptcy attorney about whether you should file for Chapter 7 or

ounseling will help you work out payment plans with your creditors. Instead of you paying all of your individual creditors, you make one monthly payment to the counseling agency, which dispenses the funds for you. It is best to choose a not for profit organization and one that has a good rating with the Better Business Bureau.

Consolidation loan If you do not own a home, you may be able to qualify for a debt consolidation loan. This will give you a single loan, which will cover all of your outstanding debts. This can lower your monthly payment at a much lower interest rate.

Mortgage Refinance With Cash Out. You can refinance your mortgage with an option to cash some of the equity out. You can use this equity to pay off your debts. Then you have a new mortgage with a new payoff date. Make sure that the interest rate you are going to refinance at is worth it to pay off your debts.

Bankruptcy. This is the option of last resort. If you cannot possibly make payments and you have no assets, then bankruptcy may be the choice you need to make. This will greatly affect your credit score, however. Consult with a bankruptcy attorney about whether you should file for Chapter 7 or

finance With Cash Out. You can refinance your mortgage with an option to cash some of the equity out. You can use this equity to pay off your debts. Then you have a new mortgage with a new payoff date. Make sure that the interest rate you are going to refinance at is worth it to pay off your debts.

Bankruptcy. This is the option of last resort. If you cannot possibly make payments and you have no assets, then bankruptcy may be the choice you need to make. This will greatly affect your credit score, however. Consult with a bankruptcy attorney about whether you should file for Chapter 7 or 13.