With food costs going through the roof this year, it definitely effects the bottom line of most households.  I know that a typical run to the grocery store for my family on four runs us over $200 (and I have two little ones).  I can only imagine how much it costs those who have larger families or teenagers.  I am already seeing articles in our local papers about how the food pantries are having such a high demand, and it is not even the holidays yet.

One of the many ways people are making ends meet for their households is doing some debt consolidation. Now, debt consolidation isn’t going to erase your debts. However, it does allow you to get a lower interest rate on the debt you are carrying. By consolidating everything at a lower interest rate, you will have a lower monthly payment. You can do this by using a low interest credit card, getting a loan, or using your home equity (which just became much harder in this recession).  You also are able to make one payment a month instead five or ten to other places (just think how much you’ll save on stamps).  Debt consolidation also doesn’t hurt your credit score like bankruptcy can and does.  Actually, if you close the accounts that you consolidate together, it most likely will help your score.

Now, I highly recommend for items like grocery shopping not to charge them. You really don’t want to be paying interest on high priced groceries if you can help it.  Stop charging on the cards and make them for emergency use only until you get them paid off.  If you can, make more than the minimum payment.  You need to do what you have to do for your situation.  However, in these tough times, people are choosing between heat and food which is a choice that no one should have to make.  Hopefully, people can look at their situation and figure out how to make ends meet to get both.