Consolidating several loans into a single loan may decrease your overall monthly interest, as well as simplifying your repayment process and making it easier to track how much you owe. There are several methods to consolidate your debt, from transferring the debt to a credit card which has a zero or low rate—be sure you pay this kind off before the rates go up—to loans specifically for consolidation. Another common method is taking a loan against an asset, such as a home equity loan. Do some research to find out what might be available to you and consider which of your options fits you best.
Creditors do not have the right to harass you. Collectors are generally banned from the following:
As a last resort, legal bankruptcy may be a way to eliminate debts or repay them under court protection and supervision, although depending on the laws or regulations which govern your location, child support payments, alimony, fines, taxes, and some student loan obligations may not be eliminated. Bankruptcy can possibly affect your credit rating, ability to buy or rent a home, and will likely result in higher interest rates on future loans and make you less attractive to future potential creditors.