If you recognize that your debt is out of control, then you have already taken the first step to getting it under control. It is important to accept that something is wrong and that you cannot go forward in the same way and keep your finances from crashing.
Forbes explains that getting debt under control will take a lot of work, and in some cases, you may be best off filing bankruptcy, which will give you a structured way to manage your debt and get back on the right track.
Budget
If you feel like everything is out of control with your finances, it helps to create a budget. When doing this, you should prioritize your debts. Consider which ones you must pay and which ones you can hold off paying right now. You may see that you can pay something on every debt, or realize that you do not have enough income to stay on top of things, which is a good indicator that you should consider filing for bankruptcy.
Counseling
If you really struggle with figuring out your finances and how to pay your debt, then you could benefit from help. Consider seeking credit counseling from a professional who can help you create a budget and organize your debts. A counselor may also be able to assist you with a repayment plan.
Consolidation
You can look into debt consolidation. This gives you the chance to put all your debt into one account. You have one payment per month to worry about. Getting organized can help you to stay on top of things more easily. It also will often allow you to lower the interest and fees you are paying each month, which means more of your money will go to paying down the actual debt.