In this article, we'll show you five easy steps to renovate your debt load with this multifaceted tool.

Consolidation is one way to rid yourself of your debts quickly by combining all your current outstanding loans and liabilities - and their generally outrageous interest rates - into a single debt vehicle with a lower interest rate.

If you have a lower-interest loan that is causing you more emotional and mental stress than the higher interest ones (like a personal loan that has stretched family relations), you may want to start with that one instead.

If you aren't given the final say on which loans get paid off first and one of them is important to you, you should still fight for it to be paid off in a timely manner.

Here are a few of Vaz-Oxlade's suggestions: Apply for a Lower-interest Credit Card Vaz-Oxlade chalks this alternative up to one of the great financial anomalies in the credit world.

A person who carries a balance every month (and, who is making the required payments) will have a higher credit score than those who pay off their bills at the end of every month, which makes those with unmanageable debt loads more able to access credit cards.

The point here is to get a card with lower interest and transfer the debt from the higher interest cards to the lower interest ones and then close the high-interest accounts.

But this step comes with a warning: You must cancel your other cards to prevent you from running them up again.

Despite how bleak this amount may seem, bankruptcy is rarely the only choice for people in financial distress, and for many, servicing the debt might be a better option.

Step 2: Create Your Budget Decide how much you actually need for daily life, fun, savings and debt repayments.

Step 4: Pay Off Your Debt This may be decided by your lender, who may choose which debt gets paid off first.