The process to consolidate your debt is not as easy as it appears. At first you should ask your creditor to eliminate or reduce interest carried forward or brought forward. If you won’t do this you can be trapped by the creditors because they can raise the equated monthly emoluments, which mostly comes from increased interest rates. So you can be forced to pay a penalty if you’re not able to pay off the increased interest rate. Though the actual dollar amount of the penalty will be insignificant, with his already-spiraling debt, the burden of those extra few dollars needlessly added will add a lot to his mental burden.

If you will take control and begin to eliminate your interest and penalty immediately your creditor will reciprocate by giving you the benefit of the doubt, because he doesn’t risk loosing his principal any more.

Another step you should take is to consolidate all your credit card accounts by converting them into a single payment instrument, which is called a single bill. Than you should calculate the average interest applied to more than one credit card account debt. After this calculation you can use the formula for the consolidated credit card account to repay the optimum (lowest interest rate) amount only, thus reducing the average interest rate.

To improve the situation you’ll have to take care of your credit card history to make it better by immediate paying off all of your creditors. As soon as the sum you receive is shared out among you creditors, each of them will cancel your debt. This would be the time when you and your credit begin to recover. This would be advantageous for both of creditors because principle amount that was almost sure to end up as a write-off recovers.