I would work first with a debt consolidation company that is a member of the National Foundation for Credit Counseling. This organization has a website (www.nfcc.org) with a locator service by zipcode. You can find a local agency that can help you either in person, over the telephone or online, and help eligible consumers enact a debt management plan. If you are a member of a credit union, this is also a place where your interests are addressed first. If you have good credit but have multiple accounts with large monthly payments, consider consolidating your bills onto a lower interestbearing credit card. There may certainly be reputable companies that advertise their services for debt consolidation, but find out how they are compensated and how long it will take for you to pay off the consolidated loan.

Don’t feel alone. Many people have to deal with financial crisis at some point in their lives. Sometimes they become ill, have a family emergency, lose their job or simply continue to spend more than they make. As I have written and spoken about many times in the past, if a person is simply overspending, they have a behavioral problem, and it needs to be dealt with immediately — unless you’re in Congress. When it comes to paying off your debt, you should consider the following: 1. Identify and make a list of all of your debt. 2. Identify and make a list of all of your savings and income available to retire that debt (if this is sounding like a budget there’s a reason). 3. Don’t put your head in the sand and ignore the problem. If you are in debt and owe a company(s) money, they are not going to forget about little old you. 4. Talk to your accountant about the benefits and potential pitfalls of using your home equity line to pay off your debt. Another option that is sometimes seen as taboo, but may make sense is asking a family member for a loan. If you have strong family relations and are not a “spend-aholic,” they may help you in your time of need. By the way, if you are a “spendaholic,” they probably won’t and that tough love may be just what the doctor ordered. Also, I suggest the loan be a formal agreement with things like length of the loan and interest rate spelled out. You have probably noticed that I haven’t said much about credit counseling and debt management plans. I would consider them a last resort, and before talking to them, I would get as much information as possible from the Federal Trade Commission (ftc.gov), Better Business Bureau (bbb.org), etc. As always, good luck!