Unfortunately, getting divorced often means the monthly payments and debt load that was handled by two people is now handled by one. And with most debt, if it was incurred during the marriage, any of the two partners can be held responsible for it entirely. That can be an overwhelming financial shock adding to the turmoil. Debt consolidation can provide much needed relief from overwhelming monthly bills. Here are some things you can do to get your finances under control so you can get a fresh start.



1. Negotiate with your creditors. Most people don't realize you can negotiate lower rates on your outstanding debt. Contact your creditors and explain your situation. Don't be shy about it; you have nothing to lose and much to gain. Often, they can lower their rates because they want at least most of their money back instead of you declaring bankruptcy in which case they get nothing.

2. Make a budget. It doesn't have to be complicated or account for every penny. You just need to have a good idea of how much your monthly expenses are compared to your monthly income. That way, you can make good decisions and not get further into debt.

3. Get a debt consolidation loan. You can significantly reduce your monthly payments by consolidating your debts. All of your outstanding debt is bundled into one loan. The monthly payments can be structured to fit your monthly budget so you can get on with your life.

A debt consolidation loan also provides the convenience of dealing with only one lender. This reduces the risk of missing payments or defaulting which will just damage your credit rating. With a single loan, you can consistently make your monthly payments - which will actually improve your credit rating.

With a debt consolidation loan, your monthly payments are fixed so your payments won't change and you don't have to worry about fluctuating interest rates.

Debt consolidation loans can be secured or unsecured. Secured loans require collateral - such as a home equity loan, home equity line of credit or a cash-out mortgage refinancing. These loans usually have the lowest interest rate making them the most affordable. Unsecured loans include personal loans. They do not require collateral but usually have slightly higher interest rates.

Divorce is painful enough without having to deal with the financial fallout that can accompany it. Debt consolidation reduces your monthly debt payments making your finances more manageable. And that can help you move on with your life.