Debt consolidation is a simple solution to solving your debt problems.
Instead of many loans (typically those on credit cards) with high interest rates, you can take out either a secured (usually against your home) or an unsecured loan with another lender at a lower interest rate.
This would ease your monthly repayments and give you a chance to get ahead.
However, you must beware that reducing your monthly repayments could tempt you to run up those credit card debts again.
You must be serious about becoming debt-free in order to achieve your financial security.
Certainly, you must think about how you got into this situation in the first place and resolve not to make those same mistakes again.
After consolidating your debts into one more manageable loan, ensure you destroy those high-interest credit and store cards and write to the credit card companies to close the accounts.
Once you have reduced the monthly repayments on your outstanding debts you can then concentrate on reducing your other expenses, such as household bills, enabling you to increase your monthly disposable income.
Please read our informative article, available via this link, on this subject for more detail on your options for reducing your monthly bills.
You could use your improved disposable income to make overpayments on your consolidation loan - thereby fast-tracking you to that time when you'll be debt free.
Top tips for debt consolidation

1. Check your credit history - it is important to understand how the financial institutions rate your credit-worthiness.
   Your credit rating will affect your options in terms of who will loan to you and at what interest rate.
   Review your credit information carefully and ensure there are no mistakes.
   
2. Decide whether you want a secured loan or an unsecured loan - if you're already a homeowner, you may want a re-mortgage which usually means applying for a further advance from your existing or transferring to another lender.
   Your first port of call may be your existing lender who will be more likely to take your personal circumstances into consideration.
   Other lenders, who may not be familiar with you personally, may put more emphasis on your credit rating and this will affect the interest you pay.
   
3. Consider the risks.
   A secured loan against your home would be a much lower interest rate, resulting in more affordable monthly repayments but putting your home at risk if you default on payment.
   An unsecured loan would be a significantly higher interest rate, but defaulting on payment would not result in you losing your home.
   However, you would be continually hassled by debt collection agencies.
   
4. Consider contacting a specialist debt management company but beware, not all debt management "specialists" are reputable and most involve significant charges.
   It might be better to do the research, and contact potential lenders, yourself.
   
5. Consider an IVA (Individual Voluntary Arrangement).
   This is most definitely an option of last resort.
   With an IVA, you come to an agreement with your creditors on a monthly repayment amount, usually over 5 years, at which point your outstanding debt is then written off.
   It must be done through a third-party, called an Insolvency Practitioner, and is a legally binding agreement.
   Your credit rating is severely affected if you opt for this route and it may be quite difficult to obtain further loans from some time.