There are different ways in which you can free yourself in the quicksand of debt. There are many debit management agencies and debt consolidation agencies which would help you in reducing your debt burden. Sometimes, doing things on your own can be really a learning experience. The agencies would definitely charge you something if they are to provide you their services. If you are to do things for yourself, you also get to learn something and can also advice people in the future. But always consider that doing the way at your palms might have a high risk setting it in, and can lead into a painful scenario.

Plan and navigate your ship:

The first and foremost thing is to recognize the place of your debt origin. You need to know where and how to start the entire process of debt reduction. Make a list of your debtors, with their considering interest rates they are charging you, outstanding loans like mortgage loans and student loans etc. Once you have done the list, it becomes easier to make a route plan on how you are going to escape it.

If for some reason, you feel that you are totally out of control as regards your debt, then professional needs to be contacted. There are professional and well qualified debt counselors who would know how to go about settling your debt. They know what to do and can give you free advices. Total debt services offer free consultation and it’s just a phone call away. Then conduct free consultation whose suffering just like you.

“When a country owes more to others than it can repay or pay interest on” – debt crisis definition
Presently, third world debt has long been recognized as a major obstacle to human development. Many other problems have arisen because of the enormous debt built by the third world countries to rich countries. Debt sometimes result some negative effects in one’s human development, security, political and economic stability in any given county.

Personal Debt Arena: Battling the Crisis

When personal debt becomes severely going to the red zone, filing a bankruptcy is not foremost the final load of gun barrel. While in The Moment, here are some advisable options you can use to push:

1. Make no decisions;
2. Sign no papers; and
3. Don't try to make sense of anything.

To do any of these you must be as clear and as rational as you can manage. During your time you are not going to be that. The panic is fed, of course, by the thoughts of the whole world crashing on your head, of fingers pointing at you in the street and of being cast from your home to wander the streets begging crusts from strangers.

How did developing countries get sucked into this valley of debt in the first place? They didn’t have a subprime mortgage problem. Maybe their financial firms weren’t key players in the high-risk derivatives markets? Or they got sucked in because the globalization policies that have been imposed on them made them extremely vulnerable to volatility in global markets? It happens that:

Debt is somewhat a “habit”, a “cycle” which lenders are “pushing” loans on borrowers and turning a blind eye to their misuse, and in response to criticism for their behavior, adding more conditions to new lending. These conditions sometimes seem (mostly are) sensible, but all too often they only serve the interests of the lenders rather than the borrowers. Part of the cycle is that as countries get deeper in debt and grow more impoverished as they try to repay, the lenders impose a whole new range of what they say are anti-poverty and anti-corruption conditions, but which most often have other agendas, such as opening up poor countries to multi-national companies. Even when the conditions are sensible, example is like the health warnings found on cigarette packets — they are there to satisfy the critics, but the cigarette makers hope to counteract them through ever more aggressive advertising.

Debt is a social and ideological construct, not a simple economic fact.

There is no such thing as an unsolvable debt problem (even in other cases). It might not be easy or quick to escape inside the pits of debt, but there's always a route. Yet by its very nature, debts urgent, they compound rapidly over time, and can speedily spiral into trouble (as a benefit of using your future income). An obligation to pay or do something, the earlier you take them on, the easier they are to deal with.

As debt isn't just a finance issue, but one that feeds into all elements of your life, the solutions are wide and varied; whether it's cutting interest costs, budgeting, challenging the legality of your debts, or simply where to find real one-on-one help. If you find yourself inside the pit, you can consult some financial consultants online to help you agonize outside debt.

These practical ways to save money will help to reduce debt and interest payments on any credit borrowings.

• Avoiding Credit Facilities

Get into the habit of saving for items rather than using a credit facility. Both bank overdrafts and credit card debt are very expensive tools for borrowing money. Avoiding these methods will not only reduce the amount of interest paid, it will also help prevent financial difficulties. There are a range of debt solutions available for those who have unmanageable personal debt.

• The Hidden Costs at ATMs
  

Many banks charge customers for making a withdrawal from an ATM that is outside their own network or below a certain amount. A practical way to save money is to read the latest copy of the Terms and Conditions’ to identify the banks’ policy in regards of making cash withdrawal transactions. Any person who wishes to start a lifestyle based around frugality should avoid credit card cash advances from ATM machines.

• 0% Balance Transfer Credit Card

One of the most practical ways to save money is by transferring debt to a new credit card. Whilst there is a fee of approximately 3%, it is possible to reduce debt by performing a series of interest-free balance transfers until the full balance is cleared. A good credit rating is necessary if this money saving idea is to be implemented. Missed payments will show on credit reports for a period of 6 years.