A growing number of American households live with debt that is eating away at any chance of achieving financial stability. Student loans, underwater mortgages and high-rate credit card balances are just a few examples of debt that a majority of households carry. No matter how you got into debt, getting out is what really matters, and what you should focus on. Following these steps will help you find a way out of the dark debt-tunnel you are currently stuck in.

Organize Your Finances

Take the time to develop a budget based on your documented income and expenses. Don’t skip anything when you do this, or you won’t have a realistic picture of your financial health. Start by gathering pay stubs and any documentation for cash payments you take in to establish income. Then use bank and credit card statements, bills, and receipts — especially for cash purchases — to tally expenses.

Negotiate Better Rates

Call the companies that hold your debt and ask about better rates. This doesn’t always work, but most places would rather get some interest from you than have to send your account to collection.

Pay Down Existing Balances

Two very popular and effective methods for paying down debt are the debt avalanche and snowball systems. They work in slightly different ways, but both ask you to focus on paying off a single account at a time while making minimum payments on other accounts. This lets you narrow the number of creditors you owe more quickly so you can see the progress.

Explore Alternatives

If you are truly unable to get out of debt, it may be time to look into alternative options. Contact an experienced bankruptcy attorney Loxahatchee FL to see if the process would help. Debt consolidation or settlement is another route that many people choose to take.

It can be healthy to borrow for certain things, but it is almost too easy to borrow too much. Even if you are drowning in debt, following these steps can help you find a way out.