1: You are not the only one in debt.
If you are struggling with debts it could feel as though you are isolated in your problem and that you are the only one with money worries, this is just not true! In February 2009, Credit Action reported that the average UK adult owes £30,435 including mortgages.

2: Paying just the minimum amount on your credit card debt does nothing.
Only paying the minimum payments to your credit card debt should be avoided as you will barely be covering the amount of interest which is added on. This means that it will take you longer to clear your debt and you could, potentially, be paying hundreds (or thousands) more pounds than you originally thought.

3: Debt can be good.
Sometimes debt can be good, such as if you need to get out a student loan which will benefit your future employment earnings in the future or if you need to get a mortgage for your own home. Just make sure that you only borrow what you can afford to and that you shop around for the best interest rates.

4: Debt can also be bad.
Not all debt is good debt; debt can also be very bad! Credit card debt is very easy to get into especially if you are using your credit card to afford general cost of living items such as food bills, or you are using your credit card to pay restaurant bills or for fancy holidays.

5: Understand where your debt is coming from.
As point number 4 says, debt can be bad, very very bad! If you find that your debt is unaffordable and your credit card bills are growing each month and you are unsure why, then it is essential that you re-evaluate your spending. A good way to do this is by writing down everything you spend over a week or a month, and remember to include everything from the morning latte to the 4pm chocolate-fix from the vending machine.

This method is really effective in finding out where you waste money, and cutting down on these excesses means that you reduce the amount of debt you are getting into, and you may even have a little bit extra to pay off your debts each month.

6: You can get debt help.
If you have more debt then you can afford, it is possible to get debt help. The sooner you get debt help, the sooner your finances can be back on order and you are relived of any stresses that it is causing.

There are a number of ways that you can consolidate your debts into a lower monthly payment, such as a debt consolidation or debt management plan. Bankruptcy does not have to be the only way to get out of debt, seek professional advice about your finances.