Are you at the end of the rope financially? Wondering if you can get out of debt quickly without filing for bankruptcy or debt repayment plans that could take years to pay off? Debt help can help you find out.

Debt sneaks up on you without warning. Most of us ignore it until debt gets out of hand. If you are in this stage, it is best to seek debt help to find a debt solution that suits your circumstances and limitations. Here’s a simple way to check how you’re coping. Divide your monthly debt payments by your net monthly income. Your debt expenses should not be more than 25% of your income. If so, you’re running into trouble and should be looking for ways to reduce what you owe instead of increasing it.

You could start by classifying all your debts into priority debt and non-priority debt.

Priority debts: As the name suggests, priority debts are debts that deserve immediate attention. They include mortgages or any loan secured against your home. The money owed for taxes, VAT or insurance also falls within the priority debts. These are priority debts because failure to pay can lead to repossession of your home or legal action.

Non-priority debts: These would include various unsecured loans like credit card debt, borrowed money from friends or family, etc. Although your creditors may take you to court, they usually try to settle with you. It is unlikely that you will lose your home.

Self help for your debt

Develop a realistic budget: The first step in fixing your finances is to make a realistic assessment of your income and expenses. Track your spending pattern and prioritize your spending based on your debt. You can learn about budgeting and money management techniques to save money and pay off your debt with a minimum of hassle.

Contact your creditors: When you feel like your debts are getting out of control, you should contact your creditors and try to work out a payment plan that lowers your payments to fit your pocket.

If you feel that you still cannot cope with your debt, it is advisable to seek professional debt help. Consider consulting a credit counseling organization if you are unable to work out a workable budget or work out an appropriate payment plan with your various creditors. There are many informative resources to help explain the laws and terms of debt. The advent of technology has helped create a convenient source of information and help: the Internet. Several online credit counseling agencies will offer you free debt advice and help you choose the best path forward with little effort on your part. Financial experts will help you weigh the pros and cons of debt solutions and help you with an affordable and effective way to deal with your debts.