There is a wide variety of options available to consumers who are looking to implement creative strategies in the process of reducing their overall level of debt. Debt settlement, debt consolidation, negotiation, and reduction are all viable strategies that can be used to help your family get its financial future back on track. Popular during the height of the real estate bubble, debt consolidation usually involves taking out a loan to pay off higher-interest accounts, such as credit cards. Over the last several years, many consumers used their home equity lines of credit or home equity loans to finance debt consolidation loans. However, in the aftermath of the recent economic crisis, many lenders have tightened their criteria for debt consolidation loans. As such, if you are seeking a lump-sum loan to pay off other accounts, you may find it more difficult to uncover a lender willing to make the loan.