You had always thought yourself to be the biggest financial wizard of the world and had never bothered to think about the future. With banks being lenient, getting a credit card was no big deal. You had seen your friends producing these magical plastic cards and using them for all their purchases, it seemed like it was a magical card possessing unlimited amount of money. Just swipe it across the card reader and the bill was paid.

Had you been wise enough to ask your friends in details about their purchases, you might have known that they had to pay back all the money that they had used to make purchases through their card. By the time realization dawned upon you, it was way too late. You were buried up to your neck in debt and the credit card agents were yelling at you. With each passing day, the interest on the unpaid money was mounting up. If there was any way out that could take you out of this mess.

There is no need to worry. You can surely consolidate your debt, but you must know that , albeit a proven process, takes time. It will take time, but if you are determined and serious enough, you can pull yourself out of this financial mess. Before starting, make a note of all the mistakes that had landed you into this debt trap, and make sure that you will never repeat those mistakes again. You might be blaming your friends and that strip of plastic called the credit card. Forget the blame game and put your energy to complete the task at hand, of debt consolidation.

Do you have more than one credit card? If yes, then close all their accounts. Do not use a single credit card that you are left with for any of your purchases. That way you will be pulling yourself into a deeper financial mess. Go in for a home equity as you stand a chance of getting lower loan rates. A word of caution though; you have to pledge your dwelling as collateral. If you are unable to meet deadlines you might end up loosing the same. Disciplined people should not worry about meeting the repayment schedules.

Just stop making unnecessary expenditures and you should be through. Transfer all the debts that you have to that home equity loan. This saves you from the higher interest that is charged by the credit card agencies. There is another option, but should be used as the last option. Check out if your credit card company will offer a raise in the limit of your credit card.

If that is available, go in for it. Remember, debt is a dangerous thing and consolidating the same is very tough. There are people who have committed suicide to escape from its clutches. Remember those things once you have been able to escape the clutches of debt. Do not spend more than you earn and always try to save something each month.