Determine all sources of income.

Face up to how much you owe.

Determine which bills are essential and which are avoidable.

Quit charging and apply extra cash to reducing balances.

Find ways to generate extra income. Cut back on nonessentials.

Track spending.

Seek financial counselling.

Call your creditors to see if you can work out some change in monthly payments that will ease pressure.

If you do decide to consolidate your debts, shop around for best deal.

Before you choose whom you will get loan from, find out following information from each place:

The charge for service. The annual percentage rate (APR). The amount of your monthly payments.

How long you must make payments.

What total amount is that you will pay.

What happens if you miss a payment.

What happens if you are late making a payment.

Making only one payment a month may make you think you are better off than you actually are. You may be tempted to buy something else on credit, and before you know it you could have an even worse problem: too many bills with too little income.

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A remortgage is a great way of saving money, as it is likely to lower your mortgage interest rates. A mortgage is also one of cheapest forms of loans around, so if you're looking to raise finance, it makes sense to remortgage your home.

Releasing equity is a good way of raising additional finance. If your home has positive equity - its market value is greater than outstanding mortgage - you can increase size of your mortgage.

A remortgage may allow homeowner to repay other debts such as credit cards, personal loans or it may be a way of paying for home improvements such as a new extention, conservatory or loft conversion.

When choosing a new lender for your remortgage, make sure to find out whether lender offers free valuation, set up fees or that they pay for legal fees.

A remortgage should be considered for a variety of reasons:

low interest rates - a remortgage can allow you to gain a better rate of interest and reduce your monthly mortgage repayments.

debt consolidation - a remortgage can allow home owners to consolidate their existing debt into one manageable monthly payment.

raise finance - a remortgage allows home owners to raise finance. As its interest rates are among lowest of all loan types, a remortgage is an ideal solution to finance issues.

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