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Frank owed £39,301...He's now paying £370 a month instead of £900.

Julie owed £26,550...She's now paying £226 a month instead of £630.

Mr Roberts owed £15,407...He's now paying £150 a month instead of £560.

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How to get out of Debt

Debt is something that many people struggle to get out of. Piles of unpaid bills are a scary sight and often people just do not know what to do.

Here are a few ways that you can help reduce your debt and regain control of your finances.

Debt Management Plans

If you have a debt of £5,000 or more, you may want to consider setting up a debt management plan. This is an agreement that is set up between the borrower and creditor that reduces the amount that needs to be paid each month, but requires those in debt to pay over a longer period of time. This is a great solution if you are having trouble paying debt at this point in time but have a source of income so that you can continue to make smaller payments over a longer period of time.

Debt Consolidation Loans

Consolidation Loans are a way for those in debt to save a lot in interest costs. The interest rate on most credit cards debts can range from 15%-23%, while interest rates on personal debt consolidation loans is only around 8%-12%. Sainsbury's Bank says that they are looking to consolidate almost 5 billion euros of debt loans. You can aquire a personal loan to pay off your existing debt and then only worry about paying off the personal loan you took from the bank.

Individual Voluntary Arrangements (IVA's)

Government backed, legally binding, debt solutions scheme, set up to help people who are in serious unmanageable debt (generally over £15,000), but wanting to avoid losing control of their assets. An IVA can help you write off debt you can't afford, reduce monthly outgoings and help you to become debt free in 60 months.

Bankruptcy

Many of those in debt are considering and filing for bankruptcy. In fact almost 65,500 bankruptcy orders were made in 2007. If you file for bankruptcy, creditors won't be able to come after you for money, but your troubles are far from over. Your credit record will be marred and your assests including your property, may be sold for the benefit of your creditors. For many, bankruptcy is often considered a solution of last resort.

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