Most credit debt relief lenders will allow people that own homes to put up their home against their debt for a loan. You would then use this money to pay off credit card debt, student loans or other bills you may have that you can't pay. These are all rolled into one credit debt relief loan with one interest rate which is usually lower. There are two ways to go about finding out which is your best option. You can grab the phone book and call each company individually or use online brokers who connect you to multiple debt consolidation companies. Obviously the latter is easier, more efficient and allows you to quickly compare many different offers.
Once you choose a credit debt relief company to help you reduce your debt you are usually assigned a counselor who will be the person to contact your creditors and arrange a deal. What happens? Lets pretend you are currently paying on multiple different loans and each one is a different monthly payment and interest rate. And just for example lets say your total bills added up to 1500 per month. The company you are working with will do all the legwork in getting that amount reduced and getting a lower interest rate. The reason it will be lower is because you will be getting a new loan with a lower interest rate and only paying one payment.
When comparing credit debt relief companies be sure to read ALL of their terms and conditions. Make sure you are comparing apples to apples. Compare how long and how much it would take to pay off the debt you currently have with the numbers that are presented in a debt consolidation loan. Just because your monthly payment is lower doesn't necessarily mean it's the best option. Also be sure to follow the advice above in comparing many different quotes. Many companies will give you a free quote online and will compete very hard for your business which is a good thing for you.