Once you have realised that you have a debt problem, there are a number of things that you need to do to start the process of managing and reducing your debt.
The first thing to do is to take a good hard look at all your current debts, and start to prioritise their importance - for example paying your mortgage and keeping a roof over your head is far more important than paying off some of your credit card debt.
You must then start to contact all your creditors to arrange a repayment plan that you can afford. Even if you can only manage to pay a small amount each month, it will show your creditors that you are taking the debt seriously, and fully intend to resolve the debt as soon as your circumstances allow.
There are also many places you can get debt advice - for free. Take advantage of these opportunities, they can give you guidance and reassurance about the best way to go about solving your debt.
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