Being in debt can be overwhelming and scary. With so many horror stories coming in the past years about people suffering financial problems and being unable to restore their balance, any sign of trouble can be terrifying. A person is debt may be afraid that the situation is going to worsen and could lead to job loss, family breakdown, etc. That is why seeking help as soon as possible when debt begins to accumulate may be the best way to keep it from spiralling out of control.

Getting help in itself can be expensive, however. If you’re deeply in debt you may not be in a position that help you afford a financial adviser’s consultation fees. This doesn’t mean that you’ve to be completely on your own. In fact, there are many ways where you can get advice without breaking the bank — even further.

Here are a few resources that can help you get started if you’re tight on money and need immediate help.

Your bank

Your bank representatives may be able to provide valuable information about how to reworking your debt. If you have all your credit cards, loans and financing plans in one place, bring your concerns to the bank and try to find solutions. They may be able to offer you a refinancing arrangement that help you avoid default. If not, they may provide you with a plan on how to pay down your debt at the minimum cost. Having this sort of help, at no charge, is a good alternative to having a financial adviser. Your creditor — the bank — should be motivated to keep you out of trouble and that is typically the point of working out solutions for you. So keep this in mind and try to approach your bank as early as possible in the process because that is when you are in a better position to reach a mutually agreeable solution.

Do it yourself

There is a wealth of books and online resources where you can find information about handling spiralling debt. The trick isn’t only to find a quality book or website that can help you get out of debt — and stay out of debt — but that you also have the discipline and persistence to stick and continue to implement the advice until you adopt a sustainable, healthy lifestyle.

If you decide to go on your own, however, you should make sure that you are following the right path, and not get hijacked by one product or another. Many scammers or even legitimate salespeople may spot your vulnerability and offer solutions that only make them money. It is your responsibility to keep track of your progress and make sure that whatever program is working and reducing your debt.

Free help

There are many online forums where people in similar situations exchange ideas. Reading through these experiences may help you get real-life ideas about what you can do and what works and what doesn’t. If you decide to share your own experience, but careful in following any advice without making your own research and due diligence. Even if you rule out vicious intentions, some may be giving you their views based on their own understanding and background, which don’t accurately match your situation. Therefore, it is important to be as involved as possible and focus on filtering what you hear.

Take action

If you realise that your debt is getting out of control, you need to move to an emergency mode. Immediately, keep tabs on your spending and cut any unnecessary items even if seem to be small and negligible. In addition, make sure that you don’t miss any payments completely. In other words, pay at least the minimum required on your credit card until you figure out how you will bring the outstanding into a manageable area. Taking these steps keeps you from getting into legal trouble until a solution is found.

Rania Oteify a former Gulf News Business Features Editor is currently a Seattle-based editor.