All sorts of circumstances can lead people into debt, through no fault of their own. This 10 step plan can help you get out of debt fast.

#1 Admit there’s a problem

This is the single most important thing you can do for yourself if you are struggling with debt. Admitting there’s a problem means first and foremost admitting it to yourself. Just this simple act can lift some of the burden and make it possible to start taking clear action to get out of debt fast.

#2 Ask for help and support

When people are in debt they can feel very alone and isolated. Feelings of guilt and fear make this worse. sharing that problem with others and asking for help or moral support is an important step on the way to becoming debt free. Remember, a problem shared is a problem halved.

#3 Get debt advice

However sympathetic they may be, sometimes our friends and family are so worried about us that they find it hard to give us impartial advice. So advice from a community organisation such as a Citizens Advice Bureau, can be essential. They can also help you with the next practical steps.

#4 Take stock of the situation

It can be scary to contemplate, but doing the figures is an essential next step, helping you to understand the facts of your situation, and to get some control.

#5 Talk to your creditors

Creditors can be very intimidating, but trying to avoid your creditors is a big mistake, as it will make them more determined to pursue the debt. If you talk to them they will often be more sympathetic than you expect, sometimes suspending interest and other admin charges.

#6 Make economies

Any creditor who is willing to give you a break needs to know that you are making an effort to get back on track. So economies are necessary. They’re often easier than you think as getting out of debt becomes your new priority.

#7 Sell up

If you have them, selling assets to repay your debts is worthwhile, as it is more satisfying to sell assets and emerge debt free than to struggle along.

#8 Find solid ground
When you are selling up, weigh up carefully which of your assets to sell. Where you have a choice, make use of risk reporting services like http://www.sungard.com/apt so that you sell the riskier assets and retain the more solid long-term ones.

#9 Consider bankruptcy

If you’ve taken impartial advice and you have no assets to sell, and no prospect of future income, then consider bankruptcy or an IVA as the best way to wipe the slate clean and make a fresh start.

#10 Look after yourself

Facing up to your debts is a difficult thing to do, so give yourself some encouragement. You are still a worthwhile person, so give yourself a break and look after yourself – it will pay dividends.