If you are reading this, though, then you also know that doing nothing is the absolute worst idea.
Taking steps to improve the situation, in any way you can, is a very positive approach.
Consider these tips to help in your effort to find some debt relief.
Put a budget together that is realistic; one you can live with for quite some time.
You can always amend it later as conditions improve.
Make sure you set aside some amount, no matter how small for "emergencies".
Obviously, you will need to stop using the credit cards.
Consider the debt snowball method, versus the debt avalanche method as a way of reducing your credit card debt (or any unsecured debt).
- With the debt snowball method, you start with your smallest bill paying it off as quickly as possible, then moving onto the next smallest applying what the minimum payment was plus what you were paying on the smallest debt to pay that one off as quickly as possible also.
Keep doing that with next smallest debt until you can make a fairly large payment against your largest debt.
- With the debt avalanche method, you would do the reverse.
Begin by paying as much as possible against the largest debt (with the highest interest amount) until you have conquered that.
Now you have created the avalanche and can tackle the next highest debt.
However, it will take longer than the debt snowball, so it's largely a matter of which you can live with the best.
Another very good debt relief tip is to pay your debts off weekly or bi-monthly.
Consider how interest is applied on the daily balance.
By paying more often you reduce the interest owed.
This applies to a home or car payment also.
By paying your mortgage bi-monthly, the end result could save you as much as 30% of your total debt.
It would also be a good idea to try to negotiate with your creditors.
Contact them to see how they might help you with either some kind of debt reduction, or at least a lower interest rate and easier payment terms.
You may be surprised that they are willing to actually help you.
Consider ways to reduce your expenses, even temporarily in any way you can.
Consider ways to add to your revenue stream, via a part time job or maybe selling off some of your junk on an auction site like Ebay; anything to help out, right? Well, maybe not anything.
Let's keep it legal.
Being in debt is no joy ride, but it's nothing to be ashamed of either.
Stay on the right path.
Keep the lines of communication open with your loved ones, so they understand and cooperate with your efforts.
Many times, relationships suffer simply because of that lack of communication and understanding.
Perhaps you could review with them the rewards of their efforts once you see some positive results.
Make it a team effort.
They may have some good ideas of their own in ways to contribute to the cause.
You may want to consider a debt relief program; there are many of them out there, like debt settlement and debt consolidation.
Just be very careful to research any company offering debt relief.
These days the Federal Trade Commission reports an unprecedented number of complaints against such companies offering debt relief help that only hurts you and makes your situation worse.
There are some good companies and good solutions for almost anyone's debt situation, just be sure they are a reputable company, and have your best interest in mind.