Sleepless, Worried, No fun anymore!

Since you have registered with this forum, a debt counselor should be contacting you shortly to discuss your situation and explain the options available. The type of debt consolidation that most people on here have done or are doing is not a debt consolidation loan, so you wouldn't have to have collateral. You simply consolidate all of your unsecured debt into 1 affordable monthly payment, and the debt consolidation company that you work with is supposed to disburse the money to your creditors until they are paid off. The debt consolidation company is also supposed to act on your behalf with the creditors to stop any harrassment and unnecessary contact.

I'm in exactly the same boat you're in right now, so are many others on this forum. You are not alone, and the members of this forum are hear to give you advice and support, which is a tremendous help since you are trying to handle your situation without involving your significant other.

Tiffany is right, go ahead and take the free counseling first. A counselor will be calling to discuss on your debt accounts. He will first review your present financial position and then frame your monthly payments for the debts you have. If you take some kind of loan, you will have to put your property as collateral which you are not willing to do. There is always a risk to your property in case a payment gets missed.

In the debt consolidation program, you don't have to put anything as collateral. You make the monthly payments to the consolidation company and they send money to your creditors. This way, not only your debts get cleared off, but you also get the facilities of lower interest rates and easy payment plans in the program. Take the free quote first and decide your next moves. Here are some tips for the perfect debt solution that might work for you.