INDIVIDUAL OPTIONS >
You may be able to borrow from a bank or loan company to pay off all of your creditors. This would leave you with just one creditor to deal with and one monthly payment. If you are able to do this, you should refrain from using your credit cards and conduct your life on a cash only basis until the consolidation loan has been paid in its entirety. This will stop you from taking on more debt.
This option is not for everyone as many people in financial difficulty cannot get a consolidation loan through conventional sources. If you are able to qualify for a loan, it is important to shop around for the best interest rates and repayment terms.