If Murphy's Law has been ruling your household in the last year and you find yourself slowly drowning in debt, then help has arrived! While there is no magic bullet to erase your debt, there are many different steps you can take to decrease your monthly payments and give yourself some relief.

Stop Making the Problem Worse

If you are still using your credit cards or making large purchases, then you are still digging yourself into a hole. The deeper the debt hole gets, then the worse it will be when you finally start to address the problem. Make no mistake: If you don't deal with your debt now, it will just grow, and you will wish you had started sooner.

Consider a Debt Consolidation Loan

If a large majority of your debt is from credit cards and other high-interest loans, then you can lower your monthly payments and consolidate all of the smaller debts into one larger loan. These loans are called "consolidation loans" and are a common lending option that many consumers use to help get out of debt. Companies like American Cash Advance and Title Loan can give you more information about consolidation loans.

Consider a HELOC if You Own a Home

If you own a home and have built up some equity, then you always have the option of applying for a home equity line of credit loan (HELOC) to consolidate your bills. HELOC loans have the advantage of having lower interest rates than other types of consumer debt and have long repayment periods. However, if you opt to tap into the equity in your home to consolidate other consumer debt, then you put your house at risk if you are unable to make the payments. Though you probably don't anticipate this being the case, make sure you only opt for a HELOC if you can guarantee that you won't lose your home in the case of a financial crisis. 

A Final Note About Debt Consolidation and HELOC Loans

It's important to mention that if you do take out a consolidation loan or HELOC to consolidate all of your debt into one loan with a reduced monthly payment, then you need to make sure you cut up all of your credit cards and are committed to not running up any more debt. When your financial pressures lessen, you may be tempted to make a large purchase or run up more credit card debt thinking you can easily afford the payments now. In fact, this just continues to dig you farther into debt and should be avoided at all costs.