If you are in serious credit card debt and do not want to file for bankruptcy, there are several options available to help you with such situation. The first option is getting a debt consolidation loan. Debt consolidation is where you take a new unsecured loan and use the money to repay your outstanding debts – especially high rate credit cards. But don’t forget now you will have to pay debt consolidation loan back.
Debt consolidation loans are type of loan that over a longer term at a relatively low interest rate. This means that the monthly repayments are lower. If the loan is secured on your property then the interest rate and payments may be even lower. But you must evaluate the pros and of debt consolidation loans before taking this loan. If you do this properly, debt consolidation can save you hundreds of dollars per month.