Debt gets the better of many people. No matter how they try they still seem to get further behind. There is debt help available to people who are behind in their bills, especially if it is credit card debt and unsecured loans. You do have options and knowing those options means getting back in the norm. You can get out of debt with the debt help that is available to you.

One way of getting debt help is to apply for a consolidation loan. This is a good way to get out of your situation if you have a secure job. A consolidation loan will pay off all of your unsecured loans and credit cards. You will then have one payment a month. The interest rates on consolidation loans should be low, unlike the credit card interest you have been paying.

This method will work for you as long as you do not start using your credit cards again, which is a mistake many people make. They get their credit cards caught up and then reuse them. A consolidation loan can give you a fresh start as long as you do not fall into a trap with credit and store cards. These loans tend to be secured and this often means you have to use your house as collateral. Only apply if you have a steady job that you can rely on. Otherwise you could lose your home if you do not maintain the repayments.

Another way to get out of debt is to hire a debt management company to work with your creditors. There are many management companies that will honestly help you. They will talk with your creditors and get late fees waived and the interest rates lowered. You can then make one payment to the debt management company and they in turn will send the payments to your creditors. Your payment will be much less than what you are paying now. You will want to do your homework when working with debt management companies. Some of them are dishonest and will keep your money.

An IVA is also called an Individual Voluntary Arrangement. If you live in the UK, have more than 15,000 pounds in unsecured loans and owe to three companies or more then you will be able to apply for an IVA. This is an excellent way to get out of debt. It will take approximately five years to get out of debt and it will affect your credit. You will pay back a small portion of what is actually owed. The creditors must agree to this or you will not be able to apply for it. An IVA will probably affect your credit for about 6 years. This is a while but it is less time than what a bankruptcy would affect you.

Bankruptcy is the final choice that you should make. You will want to hire a bankruptcy attorney to get the debt help you need. A bankruptcy is filed with the courts and will affect your credit for ten years. You may end up having to pay some money to your creditors or you may not have to pay anything. You do have to pay for the attorney.

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