To get out of debt, track your spending. For one month, record where and how much money you spend wherever you go. By the end of the month, you will have a clearer idea of how you spend your money.

Be sure to monitor your debt load, too. Know how much you owe and how long it will take you to pay it off. Make an effort to pay more than the minimum amount due on credit card accounts to liquidate debt.

If you find yourself already overburdened with debt, what can you do?

First, contact your creditors directly. By explaining the situation, you may be able to get them to reduce your monthly payment. Generally, creditors are happy to work with people who want to pay back the debt but are experiencing temporary hardship.

If you owe money to several creditors and cannot pay them all, you may want to enlist the help of a nonprofit debt counseling service. These organizations offer free and low cost counseling in most communities and will work with you to setup a repayment plan that will satisfy all your creditors.

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