Debt or loan consolidation can be a good way to give yourself some breathing room with your finances, especially if you’re concerned you could be soon facing foreclosure on your mortgage.

Having multiple bills to pay throughout the month can be difficult and if you have a lot of revolving debt with high interest rates, this can be even more difficult and could feel like an endless cycle. A loan consolidation could make your payments smaller, your interest rate much smaller and your debt load easier to manage.

When you are in a situation where bills are already late it could be very difficult to get approved for this type of loan. There are two tricks to getting a great result with loan consolidation. The first is to act early before you get into financial trouble and the second is to learn from your mistakes and not get into further trouble by signing up for more credit.

Your mortgage payment might be too high so it could be wise to consider downsizing to a smaller home.