The hassle and expense of paying multiple credit card payments every month can be a challenge. If you find yourself in a position of financial hardship, you may be able to save a substantial amount of money and get back in control of your finances by consolidating your debts. There are a number of debt consolidation solutions available to consumers, and determining which one is right for you will likely depend on the unique circumstances that define your financial situation. One of the most popular approaches to debt consolidation involves borrowing against the collateral on your home mortgage using a home equity line of credit or home equity loan. However, in the aftermath of the recent mortgage crisis, the availability of these types of loans has diminished to some degree. Another option for debt consolidation is seeking out a lump-sum loan from a private lender. If you have poor credit or are behind on your current payments, however, it may be difficult to find a lender who is willing to extend you a debt consolidation loan.