Being in debt is one of the scariest things that can happen. It’s what any person wants to always avoid because once you fall down that slippery slope, it’s very hard to climb back up. The problem is there are so many different ways that you can get into debt, whether that be from a business that’s gone bankrupt, or a loan that got out of control.

You should be doing all that you can to prevent this from ever happening. But if it’s already too late for that – here’s what you need to do.

Stop borrowing money

One of the most obvious ways to get yourself out of debt, is to stop taking out money to pay for things. If you can’t afford it out of your own earnings – save up until you can. It can, of course, be frustrating when you want to buy things to improve your lifestyle, and your bank account tells you that you can’t afford it. But unfortunately if this is the case, then you either earn the money yourself over a period of time, or you just stop thinking about it. Focus on paying off the money that you owe, and only then can you start thinking of putting it on other things.

Speak to the creditors   

If it’s got to the point where creditors are taking some of your earnings straight out of your salary before you even see them – it’s because you’re not paying them. This may be by choice, but a lot of the time it’s because you just can’t afford to. Having said that, you are only making it worse for yourself, so if you’re in this situation, you may want to consider writing a Hardship Letter for Wage Garnishment. This is essentially a plea to the creditors telling them that this is putting you in an even worse financial situation so they need to stop. You can give them a solution by creating a payment plan that suits both you, and them. Although they’re the ones who make the final decision, so you just have to persuade them to agree with you.

Create a realistic budget

When in debt, you will have to alter the way you live your life for a little while in order to pay off what you owe. This may mean that you need to make cutbacks so that you have enough money. One way you can do this is by creating a realistic budget, and sticking to it. Have a look through your bank statement and receipts to evaluate all the places your money goes. Anything that isn’t absolutely essential like bills – you should stop paying for them. This may mean cancelling subscriptions you have, and stop eating out on the weekends. Then all that extra money that you’ll save should be what you use to give back to the creditors. The more money you can give them, the sooner all of this will be over with.