It happened to me, but I'm pulling myself out of the debt trap and getting my finances in order. I didn't do it by getting a consolidation loan, get rich schemes or declaring bankrupcy.
It takes work and determination. Here are a few ways to start now!
1. Only buy what you need. Cut down on the "Wants", and concentrate on the "Needs".
2. Track your cash spending so you can see where your money goes. You might be suprised.
3. Stop using your credit cards.
4. If the debtors are calling you, talk to them! See if they can help, you might be suprised. Work out a plan. They may lower your interest rates, and a lower your monthly payments. They don't want to take you to court, they just want their money. 99.9% of the time they will work with you.
5. Order your credit report. Look over it and work at paying off old debts. I found a medical bill on mine from 2001, that I didn't even know what there!
6. Don't rob Peter to pay Paul. Using one credit care to pay off another doesn't help you. PayDay loans and quick cash loans will only help you dig you into a bigger financial hole. The interests on those can be upwards of 200% or more!
7. Make a budget, even if it is just a basic one.
8. Get professional help if you need it. Family credit counseling in your city can help create a plan without charging large fees.
You can get started right now!
For more information and ideas go to http://tinyurl.com/n2xy5 .
I think my site might be able to help. I hope the articles, links, ideas, and the opportunity to get out of debt by yourself helps you as it helped me.
Good Luck in becoming Financially Free!