All of us had been through real tough times financially in 2008. It is not only the working class that suffered, even the wealthy business class is affected this time. However it is the working class that was hit the most they ended up in more debt than they could ever manage. This was fueled further by loss of jobs, lay-offs, etc. However all of us look forward for a great year a head of us in 2009 the situation is not all that bleak with little extra planning and prudent efforts we can get out of debt in 2009.

There are many ways of getting out of debt,the first approach is using our savings to clear of as much as debt as possible because the interest rate offered by banks for our savings is much less compared to the interest rate we are paying for our loans. Therefore, by using the existing resources we can save a great deal of money which will help us get out of debt in 2009 faster.

It is not enough to just use the existing resources that we have to clear of the debt,in most cases our debt will be much higher than our savings and it is important to increase our income so that we will be able to increase our monthly savings for a faster repayment of debt. While we are planning to get out of debt in 2009, we must also take into consideration the increasing cost of living and come up with a debt settlement plan accordingly.

How do we increase our monthly income? If you already have a job, you could venture into endless online business opportunities that are available to us these days. Most online businesses can be taken up on a part time basis and this will create an additional stream of income, which can go right into your debt settlement if you do not have a regular job and if you are just looking for a job. Then you must take positive action immediately before things get too worse you must choose an online business that requires very little initial investment, there are number of online business opportunities that require no investment at all when you set up such a business it will create a steady source of income for you while you are still looking for a regular job if things workout well with your online business there would be no need for you to hunt for a regular job.

Along with this, you can also consider debt settlement programs that will help you consolidate your debts and at the same time reduce a considerable portion of your debt. Whether you are using your savings to settle your debt, venturing into an online business, or using a debt settlement program to get out of debt, you must plan carefully you should not take random decisions. At times taking random debt settlement decisions can slow you down or even work against your plans.