Once debt is out of control it can take over your whole life and is very confusing as to how to take control of the situation. You must look at how you got into a situation like this, no matter how difficult it may be. The majority of people overspend by one-half of their take home pay. Of course some emergencies arise and that cannot be helped. Sitting down and adding up your necessities is the first step; then what is left over must be added into getting control of the debt. Buy food, clothes and household items when they are on sale and clip coupons. There are numerous ways to save on your grocery bill. The more money you save the more you can apply to your debts. Once this is applied to everyday living you will see that money can be saved and you will see that there is light at the end of the debt tunnel. First thing to try is lowering your interest rate with credit card companies. This can be obtained by merely calling the company and requesting a lower interest rate. Lowering the interest rate will lower the monthly payments.
The same things apply with a home loan or personal loans, call around and find out the cheapest rates then switch (if possible). As for credit cards some credit card companies will lower your interest rate to near to nothing for only several months and some companies will extend the amount of time. But keep in mind once you do these things you can no longer use that credit card. Companies do not want to lose the money and most will work with an individual but you will have to pick up the phone and call them. The majority of these companies are more than happy to work with an individual. The companies get their money and your credit is not destroyed.
Also, a flaw has been discovered in the execution of Consumer Credit Act of 1974, by the banks and lenders and in some cases the entire amount of credit cards debt has been written off. If you have taken out your credit card prior to April 2007 there is a strong possibility that the entire amount can be written off.This could be well worth it if you owe a large amount on credit cards or loans.