It is much difficult for someone in debt to be making five to eight payments each month just to debt counselling companies. To manage all those payments on each month takes an enormous amount of physically and mentally energy. In that sense, debt is like a clutter. So resolve your problem of debt with debt consolidation can make things a lot easier for you. MyFinancialHelp.co.za offers a free advice to consumers with their debt consolidation questions along with a free debt consolidation calculator and lists benefits of debt consolidation. The list of all those benefits leads up to the greatest objective, however, which is to get out of debts. Debt Consolidation Options I will describe several debt consolidation options: Debt Consolidation Loan: Get a loan to make one monthly payment to your new lender and use it to pay off all your other debts. A relative may be willing to give you a consolidation loan, but you should take the initiative to write up loan agreement and take it seriously. The downside is that if you get a loan at decent rate then it may be easy to fall into the trap of using the bank credit cards again. And if you don’t keep with a budget, the loan will soon become just another monthly payment. Credit Counselling: If you will take a part in debt management program (DMP) with credit counselling company, you will make only one monthly payment to that company which will in turn pay your creditors. Then you will be out of debt in five years or less. The downside is that you will have to stick with the payment schedule each month or if you could wind up falling out of the program then starting all over again. Loan against Retirement Plans: Borrow the money from your pension plan. For this no credit check is required and you will pay it back to your own retirement account. That means the interest you pay will be to yourself. The downside is that if you are unable to fulfill your job, you may have to pay it back immediately or take the balance as an early withdrawal which means you have to pay taxes and a 10% penalty. Other Solutions to Debt Consolidation If the above options don’t perform for you, you may have to get a little more creative: DIY Consolidation: Your credit card statements list an amount you must pay each month to pay off your balance in three years. Then set up automatic withdrawals from your account for that amount and put your credit cards away. Bankruptcy: It is most drastic step but sometimes it is necessary. So just don’t wait until you lose your house or have drained all your savings to talk with a bankruptcy attorney.