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Deep in debt and don't know what to do$%: You are not alone in this financial dilemma. There are a lot of people like you who caved in to the attraction of impulsive buying and frivolous spending that the day comes when you are completely swamped with loans bills to pay. There is hope, though, as there will always be a solution to any problem.

For the debt-stricken like you, the only way out is to slowly reduce the debt you have accumulated by paying these off one loan at a time. The first thing you need to do is list down your income sources. Aside from your salary, where else do you generate income$%: Include in your list allowances or commissions you receive. After identifying your income for a certain period, for example in a month, list down your budget corresponding to that period. Make sure that your budget covers only the basic necessities. On another sheet of paper, list down all your bills to be paid within a month. Prioritize those that need to be paid as soon as possible especially those that charge higher interests. Compare the lists you have prepared. If your combined budget and bills exceed your income sources, you may need to cut down on those items listed under your budget or you may need to take additional jobs or part time work to compensate for the difference. You may also consider the options available to you concerning your loans and bills such as loan consolidation and credit card bills consolidation.

If you find out that your income sources, without all the excessive or impulse buying expenses, are more than adequate to cover your monthly budget as well as your monthly bill payments, then you can put the extra or savings to good use. You can apply the savings to your loans or credit card bills that charge higher interests than the others you have. After balancing your budget, try not to charge anymore on your credit card bills so as not to incur additional interests. If you have the cash to buy, use it instead of the credit cards. Reducing your debt is possible if you make a plan and implement it.

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