Easy access to credit and buy now, pay later deals have caused increasing numbers of people to encounter debt related problems, but what exactly can you do to solve your debt related problems and get out of debt fast? Perhaps you simply want to relieve the stress and anxiety that financial difficulties so often cause. Help is at hand and there are many ways to get out of debt and our step by step advice explores how you can regain control of your personal finances.

Step 1. Recognise The Problem

All to often it is easy to ignore mounting debts or final reminder letters because of fear or simply due to feeling overwhelmed by the enormity of a debt problem. If you want to get out of debt fast the first step is recognising that there is a problem and being prepared to do something about it.

a) Once you have accepted that there is a problem with debt, talk to your spouse or partner or trusted friend/family member and explain the gravity of the situation This can often be a very daunting experience due to the fear of what others will think of you and the stereotypes that exist in society about individuals with debt problems. However, talking through the problem is essential especially as someone else may be able to offer a number of ways to get out of debt fast.

b) If you feel that your debt problems can be resolved within one to two months and that this is just a temporary blip, perhaps because of a pending pay rise, then you could consider two short term solutions.

I) Balance Transfers. These can be a great way to give you extra breathing space if you are experiencing debt problems. Most large credit card companies now offer you 0% for the first 6-9 months if you transfer your credit card debt to them. This can prove invaluable if you are struggling to keep up with credit card payments as interest rates can be a real killer. It is important to remember however that only the debt you transfer will benefit from 0% interest and any additional debt you incur will be charged at the full Annual Percentage Rate which ranges between 15-25% for credit cards. This is just one of the many ways to get out of debt fast but it is not a long term solution.

Ii) Mortgage Holiday Period. Most mortgage lenders now offer what they term a mortgage holiday period when you sign up for the mortgage. This enables you to take a break from making repayments for between 1 to 3 months providing you a breathing space to get your finances back in order. It is important to note however that you will continue to be charged interest on your outstanding mortgage balance and whilst it is again one of the ways to get out of debt fast, like balance transfers it is not a long term solution.

If your debt problems are more serious and you are unable to find quick, safe ways to get out of debt fast or your circumstances are unlikely to improve within the next 2-3 months then continue with the next stage.

c) Contact those to whom you owe money and attempt to resolve the problem directly. It could be that there are a number of companies but most financial organisations are willing to work with you to help you identify ways to get out of debt and may be willing to deal with debt problems by reducing repayments, if you can demonstrate that you are serious about resolving the situation. Many credit card companies and financial organisations are willing to negotiate an arrangement to help you address your immediate circumstances and get out of debt fast, rather than risk losing all the money that is owed to them by you.

Ensure you get any agreement to reduce payments in writing as telephone conversations are not legally binding commitments.

If you are unable to reach a settlement through direct contact with debtors, then proceed to the next step.

Step 3. Seek Professional Advice.

Sometimes debt is so substantial or an agreement cannot be reached with those to whom you owe money. At this stage it is worth speaking to a debt advisor to help you get out of debt and to discuss your options. A debt advisor will often talk through the various ways to get out of debt and work with you to examine your own personal finances and identify routes that are closely suited to your individual needs. Your “Get Out of Debt Advisor” will be a key player in helping you address your debt difficulties and may also help you to negotiate appropriate arrangements with companies you own money to. MyVesta UK offer an extensive range of advice and professional services to people who are looking for safe, reliable ways to get out of debt. They can advise you on a variety of methods including; Individual Voluntary Arrangements (IVA‘s), Bankruptcy Assistance and work with you to create a Debt Management Plan (DMP).

Step 4. Debt Consolidation

There are many debt consolidation companies and their role is to help individuals in financial difficulties to identify ways to get out of debt fast, usually by reducing your monthly debt payments by consolidating various debts into one larger amount but with lower monthly payment rates. A professional debt advisor will often refer you to a reputable organisation as a next logical step, here are a small selection of debt consolidation companies to get you started, but alternatively you can research them online;