In order to consolidate your debt, you must meet a debt settlement professional and prepare a list of all your outstanding debts. At this point, it is advisable that you have a word with your credit card companies to see if they can reduce the outstanding amount. Then, apply for a debt settlement loan wherein you can consolidate all your debts into a single loan. When this debt settlement loan is approved, your credit report will show that all other debts have been paid off and only one loan remains. This will leave you with a single payment each month rather than juggling with multiple payments. The credit rating will increase with time as you pay off your monthly payments regularly. As time goes by, the negative aspects of your credit report will diminish. Moreover, with decreasing principle on your loan, the credit rating will accelerate. Selecting a capable debt settlement professional will play a crucial role in approving the debt settlement loan. He will help you gain control of your finances by explaining you the entire procedure and framing a perfect strategy. Successfully implementing this strategy and making your payments on time will relieve you from enormous amount of mental pressure associated with debt. Along with efforts applied by you as well as the debt settlement professional, you should see a rise in your credit rating within the expected time.