Make a careful assessment of your outstanding payments. Know the total remaining interest payment you are going to make in the coming years. Separate those balance payments of high interest rate from the low rate ones. See, if you can repay the lower rate loans in the coming months.
Chalk out a budget. Ensure that you save as much as possible. Cut all the unnecessary expenditures until you are out of the financial mess. If you are using many credit cards, cut their numbers for controlling your spending habits. Instead, use the debit cards.
Then, you should make efforts to merge all the balance amounts under singly low monthly payments to a new lender or agency. You can do it in two ways. You can take out a loan that immediately pays off the balance amounts on your unsecured loans, credit cards and departmental store cards. Then, you will make single monthly payment to the new lender.
You also have the option of not taking out any loan. You should approach an agency for negotiating with your creditors for reduction of interest rate. Then, instead of a loan, you can make low monthly payments to the agency, which will disburse it to your creditors. This approach is more suitable as you escape incurring another debt in the form of the new loan.
While looking for debt consolidation tips from some company of the field, make sure that it has the experience. Ensure that you get timely counseling services as well, so that you get the alerts, whenever you are about to fall into a trap. Make sure that you stick to the repayment plan.