Trying to find a way out of debt can be difficult.  There are so many options available yet you may feel that they are very limited when money is needed quickly.  Gambling with your money when you are having financial problems is not a solution and neither are the many get rich quick schemes seen throughout the media.  You do have options that don't include bankruptcy, which should always be used as a last resort.  Debt consolidation and debt negotiation are two options that can help you out. 

Debt consolidation usually includes some form of debt repayment plan that allows you to take all of your debt and consolidate it into one loan with one creditor.  These loans typically have a lower interest rate, and the amount that you pay is actually less than what you were paying for all the debt separately.  You can actually have money to put away at the end of the month, and if you pay close attention to your spending habits you have a chance to adjust them before making yourself a little more debt free. 

There are some things that will be required when you go the debt consolidation route.  For one thing, you may be asked to cancel any and all of the credit cards you are paying off with the debt consolidation loan.  There may be extra administrative fees that you need to pay each month in your loan and they could be assessed for every creditor or in one lump sum. 

Debt negotiation on the other hand has become a very popular alternative to debt consolidation.  Because they have financial difficulties, many people cannot qualify for a debt consolidation loan.  Instead they can seek out the services of a professional debt negotiator and have them negotiate the debt on their behalf.  The negotiator works with the creditor to either reduce or eliminate the debt all together, usually for a fixed fee that you and the negotiator agree upon prior to signing papers.  This fee also covers any future settlement amounts with your creditors. 

One thing many people are not aware of is that by being associated with a debt negotiator, your credit record could be adversely affected.  However, the settlement company can - and should - ask your creditors to report that the debt has been paid off and have the listing removed from your credit record.  When this is done, you suddenly have a clean slate to work with.  With a little bit of patient work and restraint, you can quickly start to rebuild your credit record while staying debt free.