With the United States’ total consumer debt nearly $12 trillion, individuals need to get control of their debt situation. Eighty percent of Americans are “in debt,” much of that debt being related to housing and vehicles. Fifty percent of all households that have at least one credit card have an average balance of $1,000. Ten percent have a balance of $10,000 or more. Managing debt can be a frustrating, time-consuming process but, if left unchecked, that debt can lead to further financial struggles in the future.

There are many people who, unfortunately, choose to do nothing about their debt. Doing nothing is, of course, a choice. Debt will not just magically disappear. People need to get a handle on what they owe and have a plan to take care of it.

One of the obvious solutions is simply to not spend as much. If people can cut down on some of their purchases, they can help to eliminate some of their debt. The problem for many is that cutting an $80 cable bill or not eating out as much per month can only go so far. It is a start, but consider that the average household credit card debt is $15,000.

Debt consolidation is another popular method utilized to help pay off consumer debt. Those with multiple credit cards, for example, can consolidate all of the balances into one and come up with a new combined payment much lower than paying all of the cards separately. Still, there are times where households struggle to meet their monthly financial obligations.

If an individual has a problem making all of his or her bill payments, as many do, there are a few alternatives. When cash is needed and needed fast, an individual can opt for a variety of loans. A loan from a financial institution is an option. Those with less than stellar credit make a difficult time obtaining a loan from a bank or credit union.

Another possibility is a payday loan. For those who are employed, you can receive some quick cash using your next paycheck as collateral. The process of obtaining the loan is fairly easy and the borrower can collect his cash usually within 24 hours.

A great alternative is a car title loan. For those who have a vehicle with a clear title, they can access funds within a day or two by using their car or truck as collateral. The process is pretty simple. A vehicle owner offers the car or truck as collateral. Potential borrowers fill out an application and are not required to have a credit check. The process is fast and borrowers will have their cash within an hour.