OK, you are in a bet of a mess; your debt is spiralling out of control; you are struggling to sleep at night and you are feeling a sense of guilt. You feel that you have let your family down and fear how they will react if and when they ever find out about the scale of the problem. Does the above sound familiar? There are many people in a similar situation and many who have now become debt free. You have to ignore the stress, worries and anxieties and focus on a solution at this stage.

I should mention at this stage that I am not a financial adviser and that what you read should not therefor be seen as advice. It is always worth seeking the advice of a debt specialist before proceeding or making a decision etc. I am actually a person that works on various projects including helping people to stop stuttering and offering cheap hotel deals.

Not everyone has access to a debt management specialist therefore we have to think about more realistic action to reduce our debts.

What we need of course is a solution to our debt problem. At the outset we should seek help with family and friends being the first port of call. Even though it is likely to be extremely difficult to break the news to our loved ones regarding the fact that we are in debt and also about how much we are in debt, it is something that has to be done – the sooner the better.

Once the above task has successfully been completed we can then move on to step two. It is usually the additional interest that is charged on top of the debt that is what causes most people to struggle with the repayments and then before they know it they are in too deep with no possibility of a way out. Due to the fact that we are in a recession can actually work to our advantage.

The lenders are now writing off thousands of pounds worth of debt each and every day. They are in need of cash themselves and would much rather receive something than nothing. Contact each of the creditors and request that they freeze the interest payable, tell them what you can afford to pay and state that you do want to somehow pay the debt off. You should confirm your annual earnings by enclosing a copy of your payslip. Also inform them of all of the other company’s you owe money to as well as stating the total amount you are able to afford on a monthly basis.

You may well be surprised at how many of them write back to you with a positive response.

There are always alternatives of course including going for an adverse credit loan however these are not a solution to becoming debt free.

Another alternative is to formulate a business cost reduction strategy, to lower business overheads; you can do this with the aid of cost reduction experts. This is where you obtain lower prices for things such as your telephone calls, electricity bills and even cleaning.

I wish you every success in your quest to become free from debt.