Sometimes your business may be experiencing its glorious years and at times your business may also be down. As a business owner, you have to be aware of this fact. You should not expect that you will always be on top of the world. But then if the worst scenario comes, you must be ready to face all of the circumstances. The collateral comes then as a requirement of the lending firms to ensure that in case you fail to pay back the loan, they have something to fall back on-and that is through your property that you put up as the collateral. In this manner also, putting up a property for the collateral means getting lower interest rates. Since you know that you won't be enjoying the compensation for your work, you won't be able to see the need to work hard. This would cause your work to deteriorate and could even lead to you losing your job. Debt elimination can help you get back on track. Debt elimination can restore your work motivation by letting you know that al your hard work is not in vain. Listing all of your debts will allow you to evaluate them in an orderly manner and this will enable you to plan your debt reduction and elimination strategy clearly. 2) Pay the minimum balance on all debts regularly - Creditors often set a minimum balance that you have to pay regularly on your debt. After you have listed down all of your liabilities, you need to commit yourself to paying their minimum balances regularly. The debt consolidation is a means of debt consolidation which liberally lessens your debt particularly the interest rates because instead of having to deal with several loans, they will all be rolled into one single loan. The payment is thus to be made for one loan. Debt management is a very effective legal debt elimination procedure. It is possible that you will be able to save a lot of cash when you switch from a higher rate card into a much lower rate one. The slightest difference in the interest rates posed by the credit cards is sure to make a big issue. Just look at the monthly billing statement that comes to you and take a look at how careless you are in spending.