In a recent survey, 40% of people with personal debt problems would not tell anyone about their problems. The majority wouldn’t even share them with their partner and fewer still tell their parents. We all know that keeping debt problems a secret from our close ones is a route to domestic disaster, but what should you do?

Well the first thing is you must talk to someone about it - but to whom? A chat with your local Citizens Advice Bureau can point you in the right direction but possibly the best solution is to contact a debt counselling firm. You’ll find plenty on the Internet. Simply search for “debt counselling”. But before you do, gather together the information they’ll need.

Write down details of all your income net of tax and then the full details of your expenses. Don’t leave anything out. Then check your list of expenses against your bank statement. Is there any bank payment that is not covered on your list of expenses? If so add them in. Then list all your debts not forgetting any gas or electricity bills that may be on the way to you. In respect of any loans or HP, note down how much you pay each month, how much is outstanding and how long the loan has remaining to run. If you are a homeowner, you’ll need to do the same for your mortgage. The debt counsellor will also need to know roughly what your house is worth. If any of the loans are secured against you home make a note.

Then consider what expenses can be cut out. Be realistic but ruthless. A survey has shown that smoking, a second car, second holidays and satellite TV are frequently regarded as more important than reducing debt – but if your back is to the wall, there will be no alternative. That’s why it is so essential to be truthful with your partner. The solutions invariably have an impact on all members of the immediate family.

When you’ve done all this you’ll be in a position to make a proper review of your finances and you can see exactly how difficult your position is. You may even be able to work out a solution for yourself. Either way this work is not wasted as all this information will be required by any debt counsellor you talk to.

But, please, whatever you do, seek advice. Don’t put your head in the sand. Debt problems do not solve themselves. You need help and there is plenty out there.

There is also an interesting blog post dealing with debt in the usa - essentially this post is providing links to articles written on other blogs. I checked out some and they really were very good - Carnival of debt reduction