Every time that you turn on the radio or TV, you are bombarded with commercials offering to help you reduce your debt through a consolidation loan. While these loans can be a big help for some people what are the alternatives if you don't have the collateral to get one or don't like the idea or taking out one loan to payback another? There are ways to reduce your debt without taking out a debt consolidation loan, which doesn't really reduce debt so much as it shifts it from one lender to another.

Pay More Than the Minimum Amount Due

The best way to reduce your debt is to pay more than the minimum amount each month. This can seem impossible, but if you sit down and honestly look at your budget, there are probably many things that can be trimmed. Even if it means making a few short term sacrifices, it is worth it to pay off your high interest credit cards and have the peace of mind that comes with knowing that your finances are under control.

Use a Credit Counseling Agency

If you are barely making the interest or minimum payments on your credit cards each month, and you are unsure of how to prepare a budget for yourself, talk to a credit counseling agency and let one of their professionals help you to make a plan for paying

Negotiate With Your Creditors

Once you have finalized a budget and made a wise repayment plan, you still might find that you are paying out a lot more each month than you would like to. If this is the case, talk to a company that can negotiate with your creditors on your behalf. They can often get your debt reduced, interest rates lowered, and finance charges dropped. Be wise and take the money they save you and apply it to your debt so that you can pay it off that much faster.