Reducing your debt is the way to sleep well. nobody enjoys worrying about high debt service payments. It's unfortunate, but millions of hard-working people have high levels of debt and feel stress about it in turbulent times. Don't suffer, consider your options carefully and rationally.

The first thing to look at is credit cards. These are typically overused because they're convenient, and often have relatively high rates of interest and ever-changing terms. Your first strategy should be to try to consolidate. Often you'll see offers of credit cards offering zero percent interest for some fixed period of time - transfer all the credit card debt possible from other cards to this new one and enjoy not paying interest for months while you pay down the balance.

If your credit is not bad you may go talk to your local bank officer about a consolidation loan. Many people assume they would be turned down, but banks are in the business of lending money, so give it a shot. Even a personal loan against collateral may work in your favor if you can secure a loan with lower rates than your credit cards, pay off the balances and get rid of the cards. And you'll get the benefit that comes with using and paying a line of credit to put yourself in a more solid position.