One of the most popular options are the free credit counseling services. These services can help you use your existing resources to eliminate your debt. They teach you responsible spending habits, how to live on a budget and the best methods to attack your debt. The problem is, they don't actively do anything to eliminate your debt. These services are great for people who are disciplined and just need a little bit of education.

For the rest of us, there are a variety of debt consolidation services. These services typically roll your debt into one easy to manage monthly payment. They also negotiate with your creditors on your behalf to help lower your interest rate. In some cases they can even talk the credit card companies into accepting a lower payment amount all together.

In addition to making your payments more affordable, these companies become the primary contact for all of your creditors. This means no more annoying phone calls and harassing letters sent to your home or place of business.

Like everything else in life, it helps to do your homework. Make sure to read the experiences of other customers. Check the better business bureau to see if there are any existing complaints about the company you are considering working with. Most importantly, once you join a program, make sure that your payments are actually being applied to your debt. The worst thing in the world is to spend five or six months working with one of these companies only to find out that none of your debts are actually shrinking.

These companies are here to help you. If you are in debt, do you due diligence and find a reputable company to work with. Remember to also educate yourself on proper budgeting and spending habits. If you don't develop good habits for the future, you'll find yourself right back in the debt trap later on down the road.