SmartMoney's advice is to do it yourself -- debt consolidation companies can even make your problem worse.

No matter what, stay away from debt consolidation companies -- you know, the ones you see on TV promising to reduce your monthly payments even if you have bad credit. "With finance companies, you'll pay as much as 23% in interest and probably hurt your credit rating," says Gerri Detweiler, author of "The Ultimate Credit Handbook." Furthermore, they will charge application and handling fees you wouldn't have to pay otherwise.

If your debt is only tied up in credit cards, then a much better option is to simply roll over your credit card debt to a card with a lower interest rate.

But if you're looking to consolidate different types of loans, or if you're looking for cheaper rates than those offered by credit card companies, check to see if you qualify for a personal loan from your bank or credit union. These loans can be secured (backed by something you own) or unsecured, but with unsecured loans, "It's going to be difficult to qualify," warns Detweiler.

If you're a homeowner, then consider a home equity loan. The interest on these loans is tax deductible, as long as your loan doesn't exceed the value of your house. Bank Rate Monitor provides national averages as well as the best rates by state. Just bear in mind, if you default on your loan, you risk losing what is most likely your most valuable asset.

And finally, you could also consider borrowing against your 401(k) or other investments via a margin account. Borrowing on margin to pay off your debt can be cheap (as low as 7%), but very risky, and we wouldn't recommend it. Why? Because if the market moves in a way you hadn't anticipated, then that loan could be called in -- pronto.