Debt is a situation increasing numbers of people in the Western world are finding themselves in; at times like this, the sensible thing to do is seek advice before your predicament gets out of control. Debt relief is not something you can delay as your debts will always increase when nothing is done to eliminate them. The only way out of this situation is by learning how to control your money.

At this point you need to stay positive and remember that if you start experiencing stress over your financial situation it will affect how you handle it. The order of the day is to continue paying your debts of regularly unless you want your credit rating to plummet.

Until you sit down and create a list of all your monthly expenditure, including everything you pay money out on a regular basis, you will not have a true picture of where all your income is going.

The hardest part for anyone in these circumstances is reducing the use of their credit card which is often considered a lifeline but paying for goods in cash highlights how much money is leaving your account and will result in you being more careful.

Any spare cash you have can be put towards a debt relief fund which, as it grows will help to clear other debts which will leave more cash free to save. Placing restrictions on how much entertaining you do whether it is a complete stop of all restaurant meals, or a dramatic reduction, will help you will ensure that your funds grows faster.

You should try to avoid what some homeowners do in refinancing their homes to pay down some of their debts. This usually just makes a mortgage larger and extends debt further into the future. You may consider this your only option but if it is just to ensure you have extra cash in your pocket each month, which is ok, just think about whether you really need too.

In the short term, withdrawing cash from a credit card to make a payment may seem to make sense but over a prolonged period it will just increase the debt. If your debt is so high that you have to file for bankruptcy because a re-mortgage option hasn't worked then you should consult a bankruptcy attorney for the best advice.

It is possible to withdraw funds from your individual retirement account and avoid bankruptcy, but this will seriously undermine your financial position in the future when you retire. Using your IRA as a debt relief solution is fraught with problems, and your future tax deferred returns will be lost if you choose this route, so try some of the other methods mentioned first, to gain control of your spending and to reduce your debts.