Turn down offers for new cards or credit line increases on your current cards. Credit's tight, and chances are, you're not getting many offers anyway. But if you do, remember that the less credit you have available, the less trouble you can get into.

When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.

If you have even a smidgen of doubt that you'll be able to stay away from racking up additional debt, don't do it.

If you default on an unsecured debt, you won't lose anything (except points on your credit score).

The interest rate you receive, however, is contingent on your credit score.

Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be able to settle your debts for cents on the dollar. You'll also pay a fee to the debt settlement company, usually either a percentage of the total debt you have or a percentage of the total amount forgiven.

Rolling all of your debts into a single loan is a good idea - in theory. In fact, it can be a great idea.