The financial crunch is across the board, everyone is feeling it. Bankruptcy filings are up and more people are probably considering it. If you have many credit card loans then you need to find the most effective way to consolidate debt. Filing for bankruptcy should be the very last option, you must avoid this since there are many repercussions. There are other ways to go about your financial problem.
-Go into Credit Counseling. This is a service that reviews your finances and then enrolls you into a Debt Management Plan. By doing this, they can help you lower your monthly interest rate and fees.
-If you have your own home and it has equity, you can file for Debt Consolidation either by refinancing or using the home equity loan. You have to be aware though that with a home equity loan, you can lose your home if you don't pay it back.
-You can also go into a Debt Management program that consolidates your debts, often with no interest. You make one payment to the program, and it distributes the money to your creditors.
-Debt Negotiation or Debt Settlement - it is a program to reduce your consumer debt by negotiating debt settlement to a lower level. You get a low monthly payment and you avoid bankruptcy.
-Debt Relief - you find help in fixing your debt through credit counseling, debt settlement, loan modifications and other ways.
In my opinion, the best way to do this is to get into credit counseling first. You need all the help you can get. You will learn how to handle your money and you will get aid in dealing with your creditors. The most important point is that you will avoid filing for bankruptcy. No matter which way you choose, solving your financial problems is just the first step. You need to be proactive. Try your best to curtail spending and save money. Do not live beyond your means and you'll be on your way.