Here are some tips on how you can quickly reduce your debt load.
1.
Figure out a way to earn a little extra money - Many people who are looking for ways to reduce their debt load could put that time and energy into a side job.
Sometimes $2-300 per month over time be enough to begin the snowball effect of paying down debt.
Remember, once you start to pay down one debt, you free up more money per month to pay down other debts, and so on.
A paper route, babysitting, part-time freelance work, and other side jobs, could be enough to begin the process.
2.
Debt Negotiation - Try negotiating with your creditors to reduce the amount of debt you owe.
If you are behind in your payments, then your creditors may be more willing to negotiate with you.
If you feel unable to negotiate yourself, there are debt negotiation companies who specialize in negotiating with creditors to lower the amount of debt you have with that creditor.
3.
Consolidation - This is a very tough option to get with the current economic crisis.
Lenders are much less willing now to loan out money that is unsecured, especially when its for debt consolidation.
The best way to get a consolidation loan in this economy is to get a secured loan either through a home mortgage loan, auto loan or some other kind of secured debt.
If you have equity in your vehicle, consider refinancing it in order to get cash back to pay off debt.
The only drawback to this, is that it might increase your interest rate.