If your debts are a result of an unexpected emergency, such as a medical ailment, then you should consider a short-term debt consolidation loan. This loan will ensure you spend less money by reducing your interest charges.

Balance transfers can be an effective debt consolidation method if all your debts occur on credit cards. You apply for a credit card that carries a low introductory rate, and then you transfer all your high-interest debts onto the low-interest card.

Refinancing your mortgage for debt consolidation can help ease a large amount of debt. If you hold more than $30,000 in debt, then you can refinance your mortgage and receive a cash-out lump sum to pay off your creditors.

Some financial lenders offer personalized debt consolidation loans designed for your specific debt situation. These loans carry an interest rate in relation to the repayment term, and you benefit from making only one payment each month, instead of multiple payment to different creditors.

You may decide to pursue a different debt-relief program instead of obtaining a loan to consolidate debt. This debt consolidation alternative often involves a debt settlement program. Credit Solutions offers debt settlement programs to help consumers manage their debt problems by reducing 40 to 60 percent of your original debt balance.

Author Bio: Settle your debts today! Read about debt relief from financial writer Brad McDonnell, who is an expert on personal finance topics involving debt consolidation.