There are many ways to go about the process of decreasing and eliminating your consumer debt load. For individuals who find themselves facing a severe financial crisis and who cannot meet their monthly obligations, experts often recommend the process of bankruptcy. Although bankruptcy will damage your credit for a period of up to ten years, it is often the most efficient way to wipe out most of your debt and get a fresh start. However, if you are not facing a serious and prolonged financial crisis, experts warn that it is in your best interests to avoid the bankruptcy process if at all possible, due to the negative credit implications associated with it. Debt consolidation and reduction is another way to begin your journey toward debt freedom. This approach usually involves taking out a lower-interest loan to pay off your higher-interest unsecured debts, such as credit cards. Debt consolidation also allows you to escape the "minimum monthly payment" trap in which so many American consumers find themselves mired.