There are numerous options available for you to get out of debt – some will suit your circumstances, others may be right for other people but not for you.  Deciding which can be hard – but there are debt professionals available for you to talk to.

That said it is best to be educated in your options even if you plan on talking to a debt advisor – so that you know what the options are and what sort of questions to ask.

The Get Out of Debt Options

• Managed Debt Repayment Plan.  This is usually done by a trained debt professional – but it can also be arranged by yourself if you know who to talk to and are good at negotiating. This sort of plan arranged a repayment plan with the companies you owe money to.

  This is useful as it spreads out what you owe and in many cases can stop interest and late payment fees applying.  A good negotiator may even be able to arrange for some money to be taken off the debt.

• Debt Consolidation Loan. This is a loan for the amount you owe across your debts (overdrafts, loans, credit cards etc).  You use it to pay off the companies that you owe money to so the debt is in one place and the numerous problems stopped.
• Re-mortgage.  If you own your own home then re-mortgaging may well be a viable option to help you raise the funds to clear your immediate debts.  You can use the money raised to ensure that your bills are all paid off and then concentrate on getting your mortgage down. This stops dreaded debt collection calls, late fees and the like.

Other factors include things like getting a second job, borrowing money from friends and family etc.  But of all the options the managed debt repayment plan and the debt consolidation loans remain the bets and most popular.