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If you’re experiencing financial hardship as a result of consumer debt, you have several options available that may help. Precisely what options you have depends on a variety of factors. The type of debt you have, your income, assets and credit score are some of the factors that will influence how you can best manage your debt.

Banks may serve as a source of financial relief if you own a home. It’s possible for some homeowners to refinance their homes with the goal of achieving debt relief. Such debt consolidation loans provide the funds for you to pay back your creditors. You then have only one monthly payment to make: the payment on your new mortgage. There are fees associated with refinancing a home mortgage, and it’s likely you may end up paying more on your home loan in the long term, as well.

Another option for this in debt is to seek assistance from a reputable debt consolidation service. If you enter a debt consolidation program, you will make payments to the debt consolidation company each month, usually through Online Banking. The company then makes payments to your creditors on your behalf. They also negotiate with your creditors to arrive at affordable and hopefully reduced payment and interest amounts. Debt consolidation programs simplify the payback process, but nearly all such companies charge a fee for their services.

These are just two of the options that could help you take control of your debt to improve your financial situation. You can find out more by seeking the advice of a professional credit counselor.