Posted on July 31, 2009 at 5:28 am Hi, I'd like to share a couple of ways to consolidate debt and this is not about debt consolidation loan:If you are one of the many who can't seem to get a hold of their credit card bills, you can try the low-rate balance-transfer that banks offer but be careful. You can do rate surfing but it only makes sense if you can pay off your outstanding balances within the time frame offered (low introductory rate)--and that is a very important thing to remember. You don't want it to expire.You may also try checking out credit unions. They offer lower interest rates and fees on loans.

Posted on July 31, 2009 at 5:32 am Good point D David, but you have to be a member of it.You may also try to enroll in a credit counseling program (DMP) if your debt amount is a couple of thousands of dollars and has a high interest rate. On the other hand, try debt settlement, if your debt amount is $10,000 and above and you already have defaulted on your payment.

Posted on July 31, 2009 at 5:38 am Right. Although generally not a good idea to touch your retirement fund, especially if you're far from your retiring age, but if you really need it, why not? It is not an alien concept to request a loan from it and most employers understand this and will allow loans from a 401(k) or other retirement plan. About the interest, it is almost non- tax-deductible, because you're paying interest to yourself but you have to pay it back within five years or the IRS will come after you for penalties. Try also to not be fired from the job or quit. The employer might go after all of your retirement money.

Posted on July 31, 2009 at 5:43 am You can also try home equity loans (although like withdrawing from your 401k, not advisable, it is another way to consolidate your debt)The downside first and the most fearsome, it asks for a  collateral and it is usually your home. You default..you lose it.The up side is that it is inexpensive, somewhat easy to obtain and it may offer a tax deduction for the interest portion of the loan. Most lenders are not going to pressure you to repay.

Posted on July 31, 2009 at 2:45 pm Here is something to add to the list of ways to consolidate debt. It is not traditional debt consolidation, but you can transfer your balances on to one low interest credit card which will allow you to make only one monthly payment and also pay off your debt at a lower rate which will save you money in the long run.

Posted on October 15, 2009 at 4:10 am Ways to consolidate debt -The consumer can start by separating the unsecured debt from the secured debt. Total their amounts (balances) also their interest rates.Incidentally, destroydebt.com has a budget tracker that you can use:http://www.destroydebt.com/tools/budgettracker/budget.aspxYour goal is to see the bigger picture so you can decide on how to consolidate your debt. Meaning are you going to do it on your own or are you going to hire a professional to do it for you.The best of luck!

Posted on October 15, 2009 at 4:12 am I agree with capri and if you can't decide on what to do or if you need help figuring out your financial situation, feel free to fill out a form here at destroydebt.com and avail of the free initial debt consultation.