Debt can be a good thing – as long as it is handled correctly. If you have a mortgage – you will probably have a “good” debt, which allows you to live in your house and enjoy your family, without having to rent or pay board. Most of us though, at some time or another, will encounter the bad type of debt. This is debt which doesn’t help us to get anywhere in life. For example, if you have taken a loan out to pay for your phone – you will only have a depreciating asset to show for it. The interest could soon mount up on this, and then you will be in a pile of debt, thanks to one single purchase. Multiply this across a number of “items” and you could soon find yourself with a debt problem. So what can you do to turn your fortunes around? Unfortunately, the answer is not as simple as wishing that you didn’t get yourself in to the situation in the first place. It’s going to take something a bit more tangible than that. Preventing Debt Trouble Obviously, the best way of relieving debt is by not getting in to it in the first place. If you know that you are bad with money, you should be thinking twice about “investing” in a new phone or car. Ultimately, these often prove to be bad investments anyway – so take the time to consider your options before rushing out and buying things. If it’s already too late – i.e. you have already bought what you wanted to buy, you might have to put in to place a debt reduction strategy to get your debt levels back to a more manageable level. This is no problem, because these days there are specialty companies out there which are able to assist you with debt reduction. CuraDebt and Care One Credit are perfect examples of these types of companies which are able to assist you with formulating a plan. They are also able to help with the following things: Consolidating your debts through debt consolidation Negotiating better rates on your existing debts Debt counselling Ensuring that you do not fall in to the same traps in the future that you did in the past Assuming that you pick the right company for the job, you should be on your way to a brighter future in no time. Is it Too Late for Debt Reduction? One of the most common questions that we get asked is whether or not someone is still able to salvage their financial life, or whether it is literally too late. This is difficult to answer without looking at their exact situation. However, with the range of tools available these days, there is a fair chance that something can be done to stop you from going in to bankruptcy. All you need to do is speak to a professional - as they have likely dealt with a situation similar to your before.