1) Make sure you are actually paying a low enough interest rate to make the consolidation loan worth while. Some lenders charge higher rates than credit card companies.

2) Without a decent credit rating you may be denied a consolidation loan, or may required to pay a higher interest rate.

1) Make the minimum monthly payment on each card you owe.

2) Put any extra funds remaining on the card with the highest interest rate. Once that card has been paid off, repeat this with the next highest rate credit card.

3) Contact each credit card company and try to negotiate a lower interest rate if possible.

1) Dig yourself out of debt through better money management and debt consolidation loans.
This can be difficult due to fees, interest and penalties. Also many financial institutions are reluctant to give loans to individuals with a poor history of payment issues.

Q: Are you struggling to meet obligation or pay off all of the amount of money you have to repay?
A: A consumer proposal may allow you to compromise your outstanding debt to resolve your financial difficulties etc.

Q: Would you like additional time to pay your debts?
A: A consumer proposal allows you to repay your debt over up to a five year period.

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