When your debt gets out of hand you of course seek quick debt relief. However, times like these are desperate times and you will find that many seem to want to offer you a hand of help (for a fee of course). Some offer you bankruptcy filing help. Some offer loans at outrageous interest rates. Here are some dos and don’ts when seeking debt relief:

Bankruptcy should only be a last resort. Should you pay a lawyer good money to help you with debt relief through bankruptcy when the money could be better spent satisfying your living expenses? It does not make sense. And the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 make it very difficult to get debt relief through bankruptcy. Debt relief through bankruptcy should be avoided at all costs. Do everything you can to try and pay back your creditors. You can do this yourself. You don’t need a lawyer. If you can pay each of your creditors $10 a month then write them a letter and say so. They may not like it but oh well. What can you do?

Your creditors more than likely do not care. When your debt gets out of control and you become delinquent, you will get letters from credit card companies saying that they would like to “help” with your debt relief in a tone that makes it seem like they care. Many mistakenly get on the phone and talk to them and agree to make monthly payments they know good and well that they cannot afford with their financial state at the moment. Do everything in writing via certified mail. Inform the credit card company of an amount you can pay and leave it at that. Don’t get yourself in worse trouble by making more promises you cannot make. This will only hinder your debt relief efforts.

You need more income. People get real debt relief by having more income—simple as that. But your employer tried to tell you that your 1% increase last year was better than the industry standard. And as your employer was telling you that, you had to do everything you could to keep your mouth in check because you know that inflation last year was above 3%. When making your debt relief strategy, resolve it in your mind that your employer does not care either (no matter what they say). It is up to you to find ways to make extra money to supplement the income you have and begin paying down your debt. Some people do odd handyman jobs while others sell things they have lying around in the garage. Some have a talent to make crafts and sell them at shows. Most people have something they are really good at and if it can be turned into income it will help with debt relief.

Run from payday loans. Desperation to get debt relief will tempt people to seek payday loans. The overwhelming temptation to get that quick fix can get them in real trouble. For example, payday loans will have you paying $1,375 for a loan of $1,000 and you only get two weeks to do it. Payday loan sharks are predators and you will get absolutely no debt relief.