If you are constantly dealing with the pressures of mounting debt, it’s time to start looking for some solutions fast. Your goal… get out of debt and stay out of debt.

Nine debt reduction techniques:

Debt consolidation loans. If your debt is mounting and you want to lower your monthly payments and interest rates, you may want to consider a debt consolidation loan.

Credit card transfers. Transfer your high interest cards to a 0% or low introductory credit card. But be sure you can pay the balance off during the introductory period. Also, read all the terms carefully before choosing a card. It’s typically the fine print that will bite you!

Home equity loans and home equity lines of credit. Depending on how much equity is in your home and your current level of debt, a home equity loan may be a good way to consolidate your debt at a lower interest rate (equity loans typically have much lower interest rates than credit cards and personal loans). One advantage with this approach is that it can be used as a tax deduction, giving you a little something back for all the interest you have paid.

Life insurance policies. A whole life insurance policy allows you to borrow against the policy. In this case, you do not need to pay it back, however, if you do not, the loan amount will be deducted from the insurance prior to being paid to your beneficiaries.

Retirement sources. I know, this one sounds scary. But in certain cases, borrowing from your 401k is a reasonable way to reduce your debt load, especially in an emergency. You will likely pay fees on the loan (depending on your situation), so read the fine print before tapping into these sources.

Credit unions. If you are credit union member, see what their fees are on loans and credit cards. You may be able to get a lower interest rate and consolidate your debt this way.

Consumer credit counseling. Often, counseling services can negotiate on your behalf and help you work out terms with your credit card companies and loans to lower your payments or the interest rates. In this way, you can pay your debts off quickly and save money along the way.

Work with your lenders directly. Go directly to the lender yourself and work with them to lower the payments or interest rates. I have been able to lower the interest rates on several of my cards in this way. Many lenders want their money back and are willing to work with consumers who are sincerely trying to pay back the debt.

Check with family and friends. This should be a last resort, however, depending on the situation, this may be a smart move to lower debt and be able to pay it back slowly. Proceed with caution. No one wants to create a rift in the family over money issues.

Source: Bankrate, Wikipedia. Gov.