Sometimes it may be possible to get out of debt without having to take out a debt consolidation loan.

You may want to talk to your financial advisor who can decide the best course of action for YOU.

In general, you'll want to look at all your options and go with the one that gives you the CHEAPEST way out of debt... ie the one that means you pay the least amount of interest to the banks.

Can you cut back your expenses and pay off your debt quite quickly? If so, you may just want to read up on debt relief. If not, can you remortgage? Remortgaging may be cheaper than debt consolidation.

Whatever you do, make sure you're aware of all your options.

If you're carry a lot of debt on many different credit cards, the chances are that you're juggling a lot of different APR's, payment dates, minimum amounts, balances, and so on.

You're probably paying more than you have to.

Many credit card issuers would be happy to take all the credit card debt from other lenders and roll it into one big debt, usually called a consolidated loan. Because you're dealing with a large amount of money, you can use that as a bargaining chip to get a lower repayment rate.

It's something to consider. By reducing the amount of cards you have, you reduce the hassle. If you can reduce the APR you're paying on the loan, you're saving money too.

Check out this credit card debt consldation article for more tips.

Sometimes you have to start at the beginning. What is Debt Consolidation?

 Well, according to Wikipedia, "Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.

Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house. In this case, a mortgage is secured against the house. The collateralization of the loan allows a lower interest rate than without it, because by collateralizing, the asset owner agrees to allow the forced sale (foreclosure) of the asset to pay back the loan. The risk to the lender is reduced so the interest rate offered is lower."

So now you know! :-)

If you're in debt, and you want to get out of it, one thing to consider is a debt consolidation loan. In simple terms, you take out a large loan, usually secured against property you own, and use the large loan to pay off all your smaller debts.

Usually the smaller debts will be at high interest rates (such as credit cards and unsecured personal loans). As the consolidation loan will be secured against your house, the interest rate will be lower. You will therefore be better off because you'll be paying out less in interest each month.

If you'd like to get more debt consolidation advice, check the link for more helpful articles.