Formulate an action plan to get out of debt problems

If you acknowledge that you have debt problems and realise that you need to take some positive action to alleviate matters, it will be easier to find a solution if you work to a plan. Working to a plan ensures a disciplined approach, and, as each small step forward is achieved, your debt gradually comes under your control

Whilst you are deciding the best get out of debt plan for you, it is advisable to:

• Cut back on all spending straightaway. Only buy essential items. Put high price item spending on hold.
  
  
• Keep records of all spending and income. Keep all receipts.
  
  
• Start work on a budget. Follow the guidelines on this website.
  
  
• Keep to your budget. Don't cheat, you'll only be hurting yourself.
  
  
• Review everything financial, as and when circumstances change. Arrival of a baby, death in the family, divorce, redundancy and so on.
  

Decide on an action plan to get yourself out of debt, and you you will find it easier to get results. This is a good time for you to check out our notes on budgeting.