If you find yourself in debt it can be a worrying situation – and one that escalates quickly if you fail to take action. If you do find yourself in a position where you simply can’t afford to cover what you owe then don’t panic, as acting now might make your life a little easier and put you in a better position to use a credit card again in future.

Here are a few things we think are worth considering:

Make a balance transfer

If you want to give yourself a little extra breathing space then a balance transfer credit card application might be worth considering. These products allow users to consolidate their existing debts to a new card, typically offering a 0 per cent interest rate for a pre-defined period of between a month and 18 months. This means debt can be tackled during this period without additional charges, although it is worth knowing there is often an initial charge for making transfers. You can click here for more information about how long a balance transfer takes.

Use any savings you may have

While it might seem obvious to make payments when you have the money available, some people might feel reluctant to use their savings. But it’s worth remembering that once debts are cleared you can relax and begin to once again build up a fund for a rainy day.

Seek advice

Talking through your financial issues with a debt advisor could help you to form a plan of action and provide you with a little reassurance. They will likely be used to dealing with problems such as yours and the good news is that many services won’t cost you a penny.

Add up what you owe

While it can feel a little daunting facing up to the reality of your debt, it’s the only way you can formulate an effective plan to start repaying it. So list what you owe and start to rank them in order of priority. Once you start knocking out the list, getting out of debt will feel a lot more obtainable.

Speak with lenders

Lenders might be a little more helpful than you think when it comes to helping you make repayments. So rather than ignoring bills completely, contact them to explain your situation and find out if you are able to start a repayment plan.

Cut out unnecessary spending

It can be difficult to cut out spending on luxury items, particularly if you’ve become accustomed to living your life in a certain way. However, the reality is that if you’re having financial difficulties the only way to reverse the situation is to focus on only spending on food, bills and other things you can’t do without. So why not plan your budget a little more effectively?