The first thing to acknowledge is that over indebtedness is not a problem that will go away in a hurry. You should take steps to help reduce this burden as soon as you can. Don't ignore the problem, it will only get worse if you don't start to sort it out.

You may find yourself having to tighten your belt financially, but there are some things you can do to make your life easier:

• Get a copy of your credit report and check out how much you owe – not all your debts will be shown but it’s a good starting point.


• Check for credit cards and store cards you'd forgotten you had and cancel or cut them up - remove the temptation to run up more debts.
  
• Keep an eye on your credit report for signs of debts you've overlooked and not paid - a missed payment or default notice can seriously affect your credit rating.


• If you can't pay a debt off, get in touch with the lender in question straight away. DO NOT ignore red letters. Most lenders are usually quite helpful and sympathetic if you make the first move and will often agree to reduced payments.