It's not hard to get into debt but it can be hard to get out of. Fortunately, debt is far more common nowadays and therefore not a taboo subject as it used to be. There are also a lot more ways to escape debt.

 

The most important thing is to take advice because of the number of options available. Some are more suitable than others and what might seem a good idea may not be the best option for you.

 

The First Step - Advice and Information

 

DIY Debt Escape Plan

 

Sit down and plan your escape. Research options, contact creditors and negotiate repayments, produce income and expenditure forms.

 

Quite a formidable task. Not impossible but very stressful and lots of dead ends.

 

Professional Debt Counsellors

 

These people spend all day everyday advising people and where necessary hand-holding them through necessary paperwork for whatever solution. Advice is usually free but the service isn't. However, the counsellors are normally paid by results so if they don't succeed in getting you out of debt, they won't get paid.

 

Charity Debt Advice

 

The word charity often brings up images of fund raising events selling cakes or sponsored parachute jumps. For charities like cancer research and such these events help support them because government contributions are minimal.

 

You don't see many people throwing themselves out of planes for a debt charity, and it would be a shock if the government put more money into a debt charity than a cancer one. So where does the money come from - not from the person in debt either......if it sounds suspect then maybe it is. Many debt charities are funded by financial lending organisations who make voluntary contributions to these companies, so the question must be asked - why?. Because these lenders are shareholder driven they expect to see a return on expenditure so perhaps the reason for supporting these charities is to ensure they get a better deal than they might realistically expect.

 

NEXT: Debt solutions options

 

Additional Reading:

Debt Solutions - different options