Options for Debt



Facing up to Debts is First Step
The biggest problem with debts is you have to face up to them. Too many people with debt problems seem to adopt a form of amnesia. An alcoholic has to face up to reality in order to recover. They then have to take stock of their problem and work on it one day at a time.

Getting out of debt is very similar. The first thing you have to do is admit to yourself that you are in debt.

Admit that the commitments you have taken on are beyond your control and you know you cannot conquer them within the next months. You also have to acknowledge that the debts won't go away. Once you take stock of your entire financial situation, set out a plan to deal with it one week at a time.

You will need to set up a budget showing your income (coming in) and your expenses (going out). You may need to get in touch with all your creditors, either by telephone or letter and explain the situation. Set out a plan your creditors are happy with, showing that they will be paid within a reasonable period.

Work out the amount you can afford to pay and this should be realistic, considering all...

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