If you find yourself with more bills than your monthly income can cover, one alternative is to develop a debt-management plan. Completing this plan takes patience, but it works if you really want to get out of debt.

To set up a debt-management plan, follow these steps:

• Find out how much you owe and to whom.
• Decide how much you can pay back and when.
• Set up a plan for paying back your debts.
• Discuss your plan with your creditors.
• Control spending by sticking with your debt-payment plan until debts are repaid.

Occasionally look over your plan to see if you are keeping up with your debts and your daily living expenses. If there is a change in your income, you may need to raise or lower your monthly payments accordingly.

Your thoughts on this subject? Your comments appreciated!

Content © Rich Brott, 2011

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