b) Put your plan into effect as soon as possible - The longer you delay eliminating your debts, the larger the interest will be. This means that you need to make a debt elimination strategy that will eliminate your liabilities in the shortest time possible. Also, once you have a plan of action in mind, you must hasten to implement it. Most people who've been through this sort of debt elimination option could say that getting a fresh loan in order to pay for the existing unpaid loans permits some lesser or fixed interest rates on your part. How can this debt consolidation option come forth? The strategy is to get something for the collateral. You may have been working your ass off but it seems that your wage is simply just enough for the interest rates that you have to pay for. If you are serious in getting out of the trap, try to look into and consider practicing the following debt elimination techniques: Divert into a credit card which has a lower rate. However, the disadvantage of this type of credit card debt elimination program is that it takes a longer time and a lot of discipline to follow it through. 2) Negotiation - A common credit card debt elimination program used by people is to negotiate with their creditors to forma a payment plan which can be easier on them. Furthermore, homemade delicacies are much healthier than those bought from the fast food outlets. With this will likewise come great savings for you. Do an early holiday shopping. When the demand for things soars up, the tendency of the prices is to go up too. When you've found valuable items which you think will be a good gift idea for someone, grab the chance especially if they are up for sale. You can use the technology of the internet to get help wherever and whenever you need it. 2) A plan - Filing for bankruptcy is a last resort. This is because it does not take a lot of thinking to say that you are out of money. That being said, you need to think out your actions if you wish to accomplish debt elimination without declaring bankruptcy.