Yes, it is indeed true that in troubled times like these a lot of us would be interested in way of reducing our debts. Without, if at all possible, actually having to pay all of them off. That's the trick we'd really like to manage. Sadly, there's no magic wand that can be waved about to make all of this come true.

We can spend less and thus pay off some of our debts, certainly. There are a few tricks like switching to a zero interest card for some of our credit card debts. A very useful idea is to make sure that you pay off the debts with the higest interest rates first: that gets you over the hump that little bit quicker.

However, these might not be enough to get you through the whole Debt Reduction process. The next stage might well be what's called debt consolidation. This is taking all of the various debts you owe and putting them into one large loan. You can usually end up with a lower interest rate and thus lower monthly payments….this is done by extending the length of the loan. Have a click through that link there to see the process described in more detail.