3. Get Statements for Your Unsecured Loans

Try gathering billing statements for your unsecured loans. Total the balances and compare the number to your cash available in and checking, savings and retirement accounts. Prioritize the loans according to their interest rates.

 MSN Money recommends that you focus on the loans with the highest interest rates first because they are costing you the most money in monthly finance charges.

4. Contact Your Lenders

Contact your lenders to discuss getting rid of your unsecured loans through a process called debt settlement. This option allows you to pay off your unsecured loan for less than the full balance, but only if the account is seriously past due and the lender feels you is on the verge of default.

Smart Money reports that accounts must be at least three months behind to be considered for a settlement offer. According to Smart Money, creditors will sometimes settle delinquent accounts for 20 to 75 percent of the balance.

5. File Bankruptcy:

File for bankruptcy to eliminate other unsecured loans. Unsecured loans can be completely eliminated in just months through bankruptcy. However, many people will not qualifIed because of income limits that vary by state.

Those who don't qualify , will requires a payment plan of three to five years. Unsecured loans not completely paid off during that period will be eliminated by the bankruptcy.