Debt consolidation seems to be the best option for all people that, because of the current economic situation, are facing the end month with a serious shortage of cash, if you want to get control of your finance once again, then a debt management program surely is a wise decision. However, can you do debt consolidation by yourself? At least you can take strict measures that even not being a total solution, they will help to reach a more ambitious goal;

A.- Determining Your Total Debt

If someone ask you, well, could you tell me your total debt? if you can answer that question you are on the right track, if not, then the first step is determine the exact amount you owe today, you just need to take all your credit cards statements and other lines of credit you have, corresponding to the current month you are analyzing, plus the minimum payment you can do on each item. Moreover, by ordering your debt from highest interest rate to lower interest rate you will know which one you should be focusing on.

B.- Avoiding Unnecessary Charges Or Stopping Charging.

There is no debt consolidation benefits at all if you continue charging your credit cards for example, you need to take the strong decision of avoiding using any line of credit you have, it is probably difficult but if you consider that through debit consolidation you will be paying a lower monthly payment then some cash will be available for free spending, and by all means you should avoid using the highest interest rate line of credit you have available.

C.- Zero APR Or Low Interest Rate Credit Card

As you probably know there are credit card offers with O APR on balance transfers, some of them with zero interest rate for the first year, then you will transfer all your higher interest rate credit cards into 1 or 2 low-zero interest rate ones, as you can apply online for those, it is important having your credit cards information at hand for including transfers as part of the application.

Last, you can do similar transfer after one year and get again another low introductory interest rate. Now, if you are facing serious debt management problems, then specialized advise from a debt counselor or a reputable and trusted debt negotiation company is highly suggested.