It is very easy for people to say you should not over spend and to live to your means but what is easy for some is not always easy for others. Slipping into an ever spiralling debt is not always noticeable or avoided. Basically it can happen to anyone regardless of their income or assets.

In fact it is just as common for a rich person to fall into debt as it is for somebody living from day to day on the breadline. Managing your finances regardless of the budget takes skill, an understanding of basic accounting, prudence and planning to ensure that everything is taken care of and there is a contingency plan for any sudden expenditure.

Together with the above abilities luck plays an important part in finances. Whether it is good luck or bad luck it could and will have a significant impact on managing your finances. You may be in the right place at the right time and get a promotion at work, win the lottery or get left money in someones will. Alternatively you could get made redundant from work, have a fire or flood in your house or have to pay funeral cost for a relative that did not leave you any money!

Some people say you make your own luck and to a certain extent that is right and planning for the unexpected is something we should all do but there will always be an element of risk attached to unforeseen circumstances which will ultimately affect your finances.

Whether it is a question of luck, bad planning or judgement being in debt can lead a person to the brink of despair and in many cases sadly take their own lives.

There are many organisations that will help with your debt problems and not only dealing with the financial aspect of trying to reduce your debt but also help can be sought for counselling any depression that has arisen from the situation.

Unfortunately many people suffering from a debt problem do find it very difficult to accept in the first instance that there even is a problem and have an even harder time discussing it with others.

The citizens advice bureau would be able to give guidance on where to seek help but probably the first person to see if you are suffering the effects of being in debt is your local doctor.

It would probably be a good idea to discuss your finances with a financial advisor to get guidance and advice on how to manage your debts going forward as there is little point in clearing any outstanding debts only to find a few months later they have built up again.