It is very likely that many individuals may face unmanageable debts owing to unpaid credit card bills, medical bills and department store bills. A financial crisis of this nature calls for immediate remedial measures to keep the debts under manageable limits. An individual facing such a situation can seek help through a reputable credit counselor, obtain a debt consolidation loan, enroll in a debt consolidation service or declare bankruptcy.

Credit Counseling

Reputable credit counseling organizations offer non-biased advice on debt management. They have certified counselors who help individuals manage their money and debts. They discuss the financial situations in detail and suggest the best plan suited to an individual.

Debt Consolidation Loan

An individual can lower his debt burden by consolidating all the debts and repaying with a debt consolidation loan. Obtaining a debt consolidation loan allows an individual to deal with only one creditor and a single lower monthly installment. The loan can be secured or unsecured. Secured loans can be had in the form of home equity loans or by providing one