What should you do if you are deep in debt?

If creditors are pressuring you refinance your debt.

It is better to sell your unnecessary property. Cut down expenses starting from your luxury items.

There are times when you can live just fine with just good food and a home.

Of course your main goal have be to find new incomes because only cutting down of the expenses will take you down by a spiral.

Assess what you were doing that got you deep into debt. Then modify those habits. Compulsive spending? STOP IT!!! (Just like what mom would say). Eating steaks at a restaurant? Eat steaks at home. Eating steaks at home? Eat hamburger. Eating hamburger? Eat tofu. Got cable and cell phone plans with all the bells and whistles? Cut out the bells and whistles. Buying things at high end stores? Shop at Goodwill. Credit cards? Shut them down and pay them off first. Then quit using the damn things (they should be illegal or at least nearly impossible to get).

Your goal is to cut unnecessary expenses and work on paying off the debts before they deep six you.

If you are so much in debt that the situation has gone out of your control, then you should immediately seek the help of debt management experts. There are many debt management companies such as debtburst, beatmydebt, moneymanagement, etc. They can guide you with appropriate solutions and help you get rid of debt.

Start by not buying anything that is not necessary. Reduce expenses such as cable, eating out, house phone if you have cell, etc. Don't use credit cards. Start paying off the most interest rate cards first. Refinance house if you have a higher interest rate. Pack lunch rather than eat out at work. Bring thermos instead of buying coffee.