In our competitive society, spending has become a status symbol. So, how do you know whether you have too much debt or not?This encourages people to spend more than they should -- more than they have. First let's look at the different kinds of debt we might incur.

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The only solution is to lower your monthly debt payments.

There are only three ways to lower monthly debt payments: reduce the principal amount, get a lower interest rate, and extend the payments over a longer term.

These three principles are used in refinancing and debt consolidation.

Let's see how these work and then look at the advantages and disadvantages.

Click here for full article If you feel that you have too much debt, you are not alone.

Most people have substantial debt; many have more than they can handle. Sometimes it makes sense to use borrowed money for investments.

However, most folks are not using debt in that way; they are using it to make ordinary purchases of things they would probably be better off without, anyway.

With interest rates at historical lows, it may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan, typically a home-equity loan.

Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years.