Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

About 3 or 4 years ago I researched and found a debt consolidation firm that one of my credit card companies actually recommended.
I had 4 credit cards with around $5,000 total debt. And was paying over $50 a month on 3 of them which was not getting me anywhere as far as paying off the balance.
The previous answerer was wrong, when you go into a program they made me send in my cut up credit cards, assuring them I would use them no more, and then the accounts are closed when you are finished paying them off.
I was out of debt before I knew it and they lowered my monthly payments by $50 or more.
I would recommend checking into some of these companies and see who can help you the most. It was a wonderful thing for me!

The problem with debt consolidation companies is that oftentimes they expect you to give them too much money and therefore your consolidation does not work anyway. What do you think about filing bankruptcy? If you are in really bad shape and don’t see yourself being able to pull yourself out of it within the next 5-10 years, then consider that scenario.

Debt consolidation is a good way to lower your monthly payments, especially if you can’t make the payments. By joining a debt-repayment program, you can really get your interest rates down. Just keep in mind, if you do it, you can’t use your cards anymore. I joined a company earlier this year, and lowered my payments by $150 a month. Granted, I had over $16000 in debt, so you probably won’t be able to lower yours that much. You will at least be able to bring your interest way down. Some of mine (I had four open accounts) went down by 20%. Below is a link to the company I’m using.

You probably can’t get a loan to consolidate. And even if you could, that could let you run the credit cards back up and leave you in even worse shape. Look at your finances and see if there’s something you can cut, or if you can pick up another part-time job to let you get more income coming in and put all the extra on your credit cards, starting with the one with the highest interest rate.

Good luck. It took time to get into this situation and will take time to get out of it.