Considering the dismal economic conditions of today, itas not surprising that so many people have found themselves in a negative financial situation. Large amounts of debt can seem like an overwhelming obstacle when only the minimum balance can be paid each month. Letas look at some ways that this debt can be consolidated into one, easy monthly payment.

There are options available for all walks of life. Many of these can consolidate and organize your debt, and all are designed to help you reduce what you owe. Although it helps to have a higher credit rating, even those with a blemished credit history can use the following tools.

If you’re a homeowner, one of the best solutions is to use your home’s equity. Several home equity loans are available which can be used to help repair and reduce your debt. Typically home equity loans have low interest rates and long payback times. They also have the added bonus of a tax benefit.

If your rating is excellent, you may be able to obtain a personal loan. Again, these loans are generally only available to those with an excellent payment history because the loans are unsecured. Interest rates on personal loans vary widely depending on the institution, but can certainly be used for debt management.

Another great option is to obtain a 0% interest credit card. You can then balance transfer your other debts, which will allow your entire payment to go directly to paying off any debts. Because of the low interest rate, your debt gets paid off more quickly. Although this is a great option, the point is to not add more debt to cards which after the transfers contain no balances.

If none of these options are available to you, the next step to take would be calling your debtors and discussing your current financial situation. Most companies are willing to work with the consumer to find a solution. Some will lower interest rate, change minimum payment amounts, change payment due dates, or refund late fees and over limit fees.

If you aren’t strong enough to have a voice in your situation there are several companies out there willing to speak on your behalf. Many non-profit companies like credit help or creditguard can negotiate for you. They can help combine your payments, reduce payment amounts, and often lower interest rates.

With so many great options available today, take the first step to gaining control of your finances. Pick a path that works best for your unique situation and start heading toward the finish line of financial freedom. Put your financial future back into your hands.

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