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Having heavy debts that you cannot afford to pay back is unfortunately a situation that many people find themselves in. The causes for this vary, greed, victims of financial services offering lending irresponsibly, business failure, in reality the causes are irrelevant, they should be learned from for sure but the key here is to get out of the debt that you are in.

Fortunately there is a way to get out from under that debt mountain, in fact there are a few ways in which you can do it. We’ve put together a few steps that you need to take that will aid you to not only pay your way out of debt, but also to help you to feel less stressed as a result.

Accept It

Many fail to accept their debt worries, some continue to borrow to pay their way out of old debts thus starting a viscous circle, other just close their ears and eyes. If you want to get out of debt then it is time to face up to how much you and who to. This is the most important step on your road to debt freedom.

Call a Professional

If you have access to a great financial advisor like Keith Springer then give them a call and ask for a consultation. Although this will cost money, the help that you can receive from a professional advisor could well see you out of debt quicker than you though if bankruptcy or insolvency are available to you. There are also lots of charity-based services available that can give you advice on getting out of debt.

Call the Creditors

Ignoring your creditors will not do you any favors at all and the sooner you get on the phone with them and reach an agreement, the better. Creditors cannot ask more from you than what you can afford and just bear in mind that they want the debt paid off as much as you do. Make sure that you get a contact from each of your creditors and only speak with them each time, this will help you to speak freely about your debt and you can gain each others trust as you pay your way out of the difficulties that you’re in.

Keep a Paper Trail

This debt is yours alone and whilst the creditors will help you to pay it back, it is important that you take ownership of the management of your debt. Keeping a paper trail of everything that is happening can not only give you the peace of mind that you are on top of your debt situation, but also covers you should anything go wrong. This practice of taking responsibility will not only whilst clearing the debts which you have but it will also help you once you have cleared the debt and are back to managing your finances. Keep notes of every phone conversation, who you spoke to and what was said as well as bank statement copies and receipts of payments to creditors.