Top 10 ways to get out of debt

Left unchecked, debt tends to snowball relentlessly and, before you know it, nasty letters are arriving from your bank and credit card issuers. If you find yourself in debt it is not too late to fight back. But it is important to stay calm and be brutally honest about the amount you owe.

1. If you have more than one debt, start by putting debts in order of priority. If you are struggling to pay your mortgage or rent or other living necessities such as utilities then these shortfalls should be given urgent attention. If your debts are from loans, credit or store cards then rank them in order of the highest interest rate first.

2. Draw up a budget which will allow you to see how much money you have left at the end of each month to spend on debt repayment. Writing down details of what you spend will also enable you to see where you could cut back or make sacrifices and help control future spending.

3. Switch to a cheaper credit card and you could take advantage of one of the many 0% interest balance transfer offers to provide a breathing space. You should aim to stop using your card altogether until the debt is cleared but if you know this won't be possible, pick plastic which also has a 0% introductory rate for purchases so that you are not adding to the problem. Make sure you cut up your old card so you are not tempted to use it now that it is balance-free.

4. Cut up any spare credit cards or store cards to avoid temptation and write or call the companies to cancel your account. If you don't do this, they will reissue the card when it expires and you will find it hard to resist.

5. Speed up your repayments if you can. The sooner you repay your debts, the less they will cost you. The minimum payment on your credit card may look like an easy way out but if interest is mounting up, getting your finances straight will take forever. Remember, if you are paying off a loan, watch out for penalties if you try to repay it early.

6. Move your mortgage if you are on your lender's standard variable rate. Instead of lining your lender's pockets, the money you save on your monthly payments could help reduce more immediate debts. Switching your phone, gas or electric providers could also deliver more cash. Yahoo!'s Bills centre will tell you the cheapest providers in your area, based on current usage. Your mobile phone company can also advise on cheaper tariffs.

7. Increase your income by taking on overtime or an evening job if possible. Spring clean your home and sell unwanted clothes, CDs, books, electrical goods and pretty much anything you don't want at a car boot sale, garage sale or on a reputable auction website such as ebay.

8. Avoid debt consolidation and debt management companies. There is nothing they can do for you that you cannot do for yourself, for free.

9. Keep talking to your creditors. They will find it hard to be sympathetic if you ignore their letters and calls. Lenders are used to dealing with requests for payments to be reduced and interest to be frozen so you may find they can help.