The content is accurate at the time of publication and is subject to change.

One in ten people have debt related problems. Bad credit and credit card debt are common as flies. This is not meant to encourage those in debt to persist but to persevere and work out a way to get out of this like the millions of Americans who do so every year. If you want to work out your debt you have to start at the beginning. The beginning is figuring out how much you owe, to whom and determining what state your credit scores are in. You need not worry about how bad they are, rather you need to focus on working your way out of the debt and moving to a new life that is not only debt free but also works are making your credit scores higher.

Working your debt out is doable provided you are willing to work at it. It is not going to be an easy ride. You will have to make sacrifices and change the way you have been functioning. Firstly stop charging to your credit cards. Your aim is to bring down the debt, the minute you pay a little of it off, you cannot add to it. You need to cut your purchases down and work out a strategy to pay off the debts you already own.

When working at your debts, you may want to consult with debt counselors who will advice you on how to talk to your creditors and convince them on getting you some leeway. This does not mean they will write off your debts, but you can meet them midway and ask them to give you time and commit to an amount you will pay if they can hold off the interests. There are pole, out there that have been in worse debts than you and have come out of it without having to declare bankruptcy.

Bad credit is not the end of your life, it means you have got to start fresh and sort out your finances. If you are willing to work on paying things off and cutting down on extra expenses like spas and other luxuries you are used to you can make it. It may mean an extra job and working extra but it will be well worth the rewards in the end. Credit can be repaired and you can have a higher credit score than you thought possible, all it takes is a decision to cut down and work towards responsible use of your money.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
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