Photo by CC user Monochrome on Flickr.

Being in debt is no fun, sure some people can manage it well and pay their bills each month whilst handling healthy debt, many however face a great deal of stress from debt which they find themselves in that they cannot afford to repay. If you are one of those who is living under a mountain of debt then we are here to help you with some tips and advice on how you can move forward to a debt free life.

– Managing the Debt

The first step on this rocky road to debt freedom is to take ownership of it, face up to how much you owe and who you owe it to. Do not ignore any phone calls or correspondence which you receive from creditors, this will only make your situation worse.

Get on the Phone

Once you know how much you owe and who you owe it too, you should do an income and expenditure chart for yourself. After you have all of your details together it is time to start calling up your creditors and try to find an affordable plan for yourself. Remember that creditors want this debt paid off just as much as you so they will be flexible when it comes to making an agreement.

Call in the Pros

If you have repayment deals in place then it is time to start working out how you are going to manage your monthly finances.A great way to do this is to call in a financial advisor, you could opt to invest a little money to this type of service with an excellent company like Springer Financial Advisors or you could use one of the government-back or charity-based advice services that there are out there.

Heed Advice and Learn From Mistakes

During your repayment scheme you will need to cut your cloth according to the size of your pocket, this isn’t always easy but if you want to be debt free then you have no choice. Heed the advice from your financial advisor around spending and saving and try to learn from the mistakes which you have made in the past that put you where you are now.

Look to Make More Money

I’ve placed this one at the ned of the list because when you are swimming in debt then you are not mentally ready to take on additional income. Once you have your repayment plan in place however and you can fully afford your debt repayments with your current job then you will be in a better place to seek other income. Making more money is the fastest way out of debt and whilst it will be tough, cutting down your repayment plan will mean that you are debt-free sooner.

If you work full time then perhaps look at bar, restaurant or delivery driving work, something which you can do on an evening. Alternatively you could look online to find ways in which to earn from the comfort of your armchair. There are lots of ways to earn online from filling out online surveys to sending e-mails or writing articles. There are lots of options out there, you just need to find them and you’ll be back in the black in no time.