Debt consolidation loan
Reduce your monthly costs with a Debt Consolidation Loan Debt consolidation may be worth considering if the monthly cost of all your credit cards (and maybe even loans) has simply become too great to handle, and you have found yourself in a depressing downward spiral of debt.The idea is to settle-off each individual credit transaction you've got by taking out one major loan over a reasonably or very long period, and then using the money from that loan to pay everything else off, consolidating all your current facilities.
Just ensure that if you spread all your current debt over a longer time period in this way - it genuinely reduces the amount each month which is required by all the lenders put together. And, if you can, keep your fixed term loans out of the equation, such as HP on a car that you're going to want to replace long before the consolidation loan is paid off.
And make sure you get your spending under control, so that you never have to consider taking such a drastic step again.
It's worth noting that debt consolidation loans aren't only available with 'bricks and mortar security'.
Indeed you don't even have to be a home owner to consider this course of action - tenants are also now offered a number of facilities by a number of different loan companies.
As always, think through your application from the provider's perspective - how likely are you to qualify for the most attractive interest rate?