Contact your creditor to arrange for debt settlement and to make a preferable offer to service the debt. Debt settlement is a way of reducing the principal and interest amounts being paid on a debt at any given moment. Offer the creditor a payment plan that is suitable; this plan may include reducing the interest rates, extending the servicing period or making fewer payments within a period of time.
List your debts in order from the one with the smallest balance to the one with the largest balance. Pay the minimum payment due for all of your debts to protect your credit scores, but pay extra on the debt with the smallest balance. Continue with this plan until all your debt is serviced.
Consult a debt settlement company if you are not able to negotiate a debt settlement with your creditors. A debt settlement company is a mediator between you and the creditor and will negotiate on your behalf for better terms. You will pay a fee to a debt settlement company, such as Settlement Corporation of America, to obtain this service. Look at the company's profile, track record, customer testimonials and fee structure, and verify that it is accredited by the Association for Settlement Companies (TASC) or the International Association of Professional Debt Arbitrators (IAPDA).
Contact a company such as Debt Relief USA to find a debt consolidation program. Consolidation may be appropriate if you have good credit scores but have inadequate income to service your debt. Consolidated loans may have lower interest rates than your current rates and can be secured by a physical asset, such as a home or a car.