Credit cards are an important part of financial health in Oregon and throughout the country, and if you use yours at all, that debt does not necessarily have anything to do with the state of your budget. If your situation is keeping you up at night, though, you may want to think about ways to reduce the amount of your income that is going toward your monthly payments.

Nerd Wallet explains that debt consolidation works for many people who have multiple credit cards and other unsecured loans with high interest rates, but only for those who are serious about paying off the amount they owe. If you are simply looking for a way to reduce your monthly payments, you may discover that your expenses expand and paid-off cards get put to use again until you are in the same situation. Before you consolidate, you may also want to determine whether you will qualify for a personal loan or low-interest card that can really make that much difference in the amount of your monthly payment.

When you look at the amount of money you owe in unsecured debts versus your total income, you should be able to set up a plan to eliminate all debt in five years or less. Or, your income should be at least twice as high as your unsecured debt. If not, you may be in a position where debt consolidation is not your best path. While these considerations may help you decide which route to take in seeking debt relief, they are provided for informational purposes only, and should not be taken as legal advice.