Debt limits your options both now and into the future, do not let the past control your future. A solid plan to eliminate your past mistakes with debt will provide you and your family with a better lifestyle for the future. Being in a debt hole means that you probably have very little savings and you are living mostly off your credit cards that are near to their limit. Another common symptom is that you could be juggling your bills each month so some are paid and the ones that are not are paid in next month's juggle. To begin to plan, you must acknowledge and accept that you will need to make some hard decisions to climb out of debt.

The first step is to make your debt reduction plan and the actions needed from the plan as your number 1 highest priority. Be realistic with your budget but on the other hand you need to be ruthless to achieve the financial goals. Firstly you want to identify where all your non-discretionary spending is happening. This is usually your credit cards. Cut those credit cards up and pull back on the lifestyle they bring with the associated debt. Now pay off that debt and close those accounts. It won't be easy but it never was going to be. Where you do you a card to pay online for goods and services use a check card from your bank, as this debits funds from your savings account, like cash does. Where you may not be able to meet all your payments contact your creditors and discuss a repayment plan that aligns to your budget plan. Most creditors will support you as you have contacted them and have shown them your desire to pay them back the money that you have borrowed.