A few years ago, the credit crunch took us all by surprise. We’ve taken out more loans than we should have. A lot of us couldn’t make our payments in time and have damaged our credit scores. Some people couldn’t even bring up money for the mortgage anymore and stood by helplessly as they saw their homes being foreclosed.Now we are in a recession and we need to tighten the belt and learn to live below our means. But what can we do in order to decrease our financial burden right now so that we are going to have an easier time paying for the bills in the near future?Debt Consolidation Home Mortgage LoanA lot of people opt for a home mortgage loan debt consolidation. This is a refinancing plan where you are going to consolidate your debts and you’re also going to try to save a little money this very instant.When you refinance your home loan at a point in time where interest rates are lower than they were at the time you took out your original mortgage, then you immediately shave off a few thousands dollars off your total mortgage debt. You’re essentially switching from your high interest mortgage to a new low interest mortgage. This causes the immediate decrease in your debt.Also, your debts will be consolidated. This means that all of your debts are going to be rolled up into one debt. Your new loan is going to have monthly installments and these will be used to pay off all the debts that were previously individual debts. You’ll be writing just one monthly check from now on, which makes it incredibly easy for you to keep an eye on your personal finances.Usually, you’re setting up your home as collateral against the amount that’s going to get issued to you by your new lender. You’d better make sure you’ll be able to pay for the monthly bills for your new loan in time. After all, you’re fighting to keep your home from being foreclosed here.