But you should first consult a qualified credit counselor.
You may be able to lower your cost of credit by consolidating your debt through a home equity loan or home equity line of credit.
If your bank or credit union isn't able to help you consolidate your debts and other debt consolidation options like borrowing money don’t work for you, then a Debt Management Program (DMP) might be right for your situation.
People also call a DMP a Debt Repayment Plan or Debt Management Plan. To some, a Debt Management Program sounds like a loan or a government program.
If you owe the money or part of it, contact the creditor to arrange for payment.
If you're unable to pay your creditors, filing for bankruptcy can help you get a fresh start by liquidating your assets to pay off your debts or create a payment plan.
Yet since bankruptcy has far-reaching and long-lasting results, you should first consider other debt management options.
Consolidation means that your various debts, such as credit card bills or loan payments, are rolled into one monthly payment.
If you have multiple credit card accounts or loans, debt consolidation through a credit counseling service can help simplify or lower your payments.