The media and business community has been feverishly hyping and trumpeting the economic crisis that started in September as if they were blindsided by it like a drunk crashing into a crowd full of people on a friday night drive. What God commands Christians regarding alcohol is to avoid drunkenness (Ephesians 5:18). The Bible condemns drunkenness and its effects (Proverbs 23:29-35). While the common person may be fooled by the economists and mainstream media gurus, the knowledgeable person knows that this economic crisis has been a long time in the making.

The reliance on credit, loans, mortgages, and imaginary money was not always so prevalent as it is in today’s society. Back in the day, people actually used to save, nations used to produce and consume at a somewhat level rate, and countries were composed of somewhat homogeneous populations accounting for a relatively stable society and economic system. As it now stands, however, many people are in debt, so there are a few ways for people to try to get out of the hole:

1) Get a consolidation loan

A consolidation loan can do a lot of sense. Getting a loan to repay all your debts and many have only one payment to make. The new loan usually has a smaller payment and lower interest rates.

2) Get a second job

Use the money from this job to pay your debts. List your debts, noting that the interest rate. Pay the debts with the highest rates and the work of your first run of the list.

3) Put your credit cards on hold

One of the best steps to get out of debt is to immediately stop using credit cards. At the very least destroy all your cards keeping only one card for emergencies.

Have your credit analyzed and conclusions derived from the data to obtain an accurate credit history and future potential of getting out of debt by securing lower interest rates.

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4) Set up a repayment plan

Reduce your expenses and / or use free cash to pay your debts, pay debts with the highest rates and the work of your first run of the list.

5) Use your existing assets

If you have assets with some significant equity, such as a house or a car, you May be able to use them to take control of your debt. For example, you can get a loan on your home sufficient to pay your debts. You could save a considerable amount of money on interest if you pay high interest debt credit card in exchange for lower cost debt.

If you have a car, sell, pay debts and buy a cheaper car. You do not want a “cheaper” car that will cost you a fortune in repair costs.

6) Sell your existing assets to lower debt load.

Yes, lowering your debt load will help you considerably in paying off existing loans. In lowering your debt load, you may also be able to bargain with creditors to lower your monthly interest payments to stem the bleeding.

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