• Avoid a debt consolidation program, and preserve your credit.Debt concept - cutting a credit card image by Sophia Winters from Fotolia.com
  
  If your credit card debt is becoming overwhelming, you may start to look for answers in debt consolidation. According to MortgageLoan.com a debt consolidation program may lower your credit score and prevent you from being able to finance important future purchases such as a car or a home. There are alternatives to debt consolidation programs that you can use to help lower or eliminate your debt. In order to be successful in any debt elimination program, you will need to create a plan that you can afford and will show you results.
  
  

Prioritize

• Compile a list of your debts, and arrange them by interest rate and balance remaining. Put the debt with the highest interest rate and remaining balance at the top of your list. When you pay your bills, apply as much extra money as you possibly can to the bill at the top of your list. Pay the monthly minimum payments on the other debts. When you pay off the top debt, then move down to the next debt. Follow this pattern until you've paid off all of your debt.
  
  

Talk to Your Creditors

• You do not need to be a licensed financial expert to discuss your debt with your creditors. You can take two different approaches to talking with your creditors. You can explain your situation and ask to have your interest rate lowered. If they lower your rate, your monthly payments will drop along with your interest obligation, and you will have more money to apply to paying off your debt. Your other option is to negotiate payoff arrangements with your creditors that determine a final balance that is less than the amount you owe, a lower interest rate and a monthly payment you can afford. Your creditors may take you up on the final payoff if there is a chance that you may not be able to pay your debt back in its current form. Keep in mind that asking for a lower interest rate does not affect your credit score, but negotiating a lower payoff balance lowers your credit rating.
  
  

Balance Transfers

• You can use balance transfer programs from other creditors to help you lower your obligation on the larger balances you owe. Some creditors offer a low interest rate on transfers for a predetermined period. You can transfer your balance to these lower interest cards and lower your monthly payments. You can then apply the extra money towards paying off your debt. Read the transfer agreement before you sign it to find out when they will raise the interest rate on your transferred balance and the maximum they can raise it to.