If you are having problems meeting all of your bills and are tired of the harassing phone calls and letters, there are ways to minimize the effects of your debt without going further into debt.  Good debt management is key to keeping yourself from getting into deeper trouble, and here are a few tips that can help you manage your debt and steer you away from the many pitfalls that could be in your path to a debt free - or at least a debt easy - lifestyle. 

The first key is to be wary of borrowing any more money.  If you think that this is a viable option, get professional advice from a debt management company before you sign off on any loans.  Secured loans could put your home or vehicle at risk of repossession by the lender.  Unsecured loans use no collateral, but if you default on them you could be facing legal proceedings that could cause you to still lose your assets.  Debt consolidation loans could help, but you will be paying more money over a longer period of time with more interest to pay, making your debt situation worse if you cannot keep up the payments. 

Whatever you do, do not ignore the problem thinking that it will just go away.  You are better off contacting your creditors and explaining to them why you are having difficulties making your payments.  Do this in writing and send with the letter a detailed personal budget showing them how much you have coming in and going out every month so they can see just how much you can pay on your accounts each month.  Make sure you contact everyone you owe money to and try to make arrangements with them all.  If the first person you speak to is not helpful, ask to speak to someone who can help you. 

Always make sure you meet the debts that are a priority first, such as your home, rent, or utilities.  Then work out payment plans with anyone you have unsecured debts to.  The last thing you want to do is lose your home or vehicle, especially if your vehicle is your means to get to your job so that you can keep a steady income flow coming in.  Try to maximize your income any way you can, such as claiming any tax credits or disability money owed to you.  Are you eligible to get any form of state or government help?  Take advantage of them.  Also see if there are any services that are offering better deals you can qualify for.  Utilize anything that is available to you to reduce your outgoing money as compared to what you have coming in. 

Finally, contact a free debt management advice service to see if they have a debt management programme that will benefit you during this tough time.  They can make arrangements with your creditors on your behalf to lower your monthly payments, and ensure that the money that is being applied to your debt is going towards the debt itself and not any related fees.