If you find yourself swimming in debt, there’s no time like the present to implement a strategy for improving your finances. It’s not always easy to make progress but every little bit counts.

Here are several debt relief tips that anyone can follow:

  • Review your debts: Before you do anything, you must understand your debts. How much total debt do you have? How is it broken down by type? Which debts are costing you the most money each month? It’s difficult to implement a sound strategy before you fully understand your debts.
  • Set a budget: If your old budget has got you into trouble, it’s time to review it with an eye toward making changes. Your new budget should help you pay down your current debt, while avoiding adding more.
  • Have a plan: It’s not enough to say that you want to pay down debt. It’s critical to have a plan in place for doing so, such as knowing which debts to eliminate first.
  • Negotiate with creditors: For example, if you have a large amount of credit card debt, contact your issuer to see if they’re open to negotiations. It may not work out, but it’s always worth a try.

If you’ve experimented with these debt relief tips, among others, but have yet to make progress, turn your attention to bankruptcy.

A Chapter 7 or Chapter 13 filing may be just what you need to make progress in the near future. Soon enough, you’ll find that your finances are in better shape, and you have a plan for keeping things this way in the future.