You can receive debt consolidation advice from a number of sources. These include debt consolidation company websites, your financial institution, and state or federal government agencies. Research all of these information sources carefully before you decide on the debt consolidation solution thats best for you.

While you can get a lot of useful information from other sources, you may be able to start the debt consolidation process with little outside help. The best place to start is by listing each debt, the amount you owe in each case, and the interest on that payment. Next, examine your total household budget, and see if there are any unnecessary expenses you can eliminate to free up more resources to service debt. If you have debt that is less than $5,000 some simple financial planning and discipline may be all you need, so you can start making more than your minimum monthly payment on debts. If, however, you have a larger amount of debt and cannot reduce it without outside help, you can start by asking your financial institution or an accredited counselor for advice.

Financial institutions can help you work towards debt consolidation by offering refinancing or a home equity loan. However, these options may threaten your home, which may well be your biggest asset. While these options are increasingly popular, research has shown that unless there is a complete change in an individuals spending patterns, a debt consolidation loan will only lend temporary financial relief.

In some cases, you may be in debt for no fault of your own, such as illness or disability. If this is the case, both your financial institution and government agencies can advise you on special benefits that may apply to you. If you are on active military duty, you may also be eligible for debt consolidation.