If you find yourself in financial trouble, you can look to a number of options and resources for help. Your options range from simple solutions, like budgeting, to last resort options such as bankruptcy. Based on your type and level of debt, your self-discipline, and your future financial outlook, you can determine what is the best option for you.

Self-Help - When dealing with debt and credit problems, self-help may be your best option. Evaluate you income and expenses more realisticaclly by developing a budget - this can help curb excessive spending. You can look to your public library for information about budgeting and money management. Most communities also offer low cost financial counseling services. Try contacting your creditors directly to negotiate adjusted payment plans. Make sure that you contest any incorrect or out-dated information that might be negatively affecting your credit. Most importantly, keep in mind that when your credit history is less-than-perfect, time and responsible money management are your best resources

Credit Counseling - If you are not able to correct debt problems through self-help, you may consider consulting with a credit counseling service. This type of service can help relieve a lot of the stress dealing with financial problems can cause. Credit counselors will help you put together a debt repayment plan and may even be able to help you reduce repayments with creditors. Some credit counseling services charge a monthly fee for their services, but others charge little or nothing for managing the plan.

Debt Consolidation - Consolidating your debt through a secong mortgage or home equity line of credit may help you lower your total cost of credit. Although these loans add up cost-wise, they may provide certain tax advantages not available with other kinds of credit. Because these loans may require your home as collateral, you'll want to consider carefully before selecting this option.

Credit Repair Services - These companies offer help cleaning up credit reports. For a fee, they will help dispute inaccurate or outdated information in your credit history which may be damaging your credit rating. Keep in mind that anything a credit repair clinic can legally do for you, you can do for yourself at little or no cost. Also, be aware that no person or company can legally remove accurate and timely negative information from your credit report. Ultimately only time and a consistent effort to repay your debts will improve your credit report.

Bankruptcy - Although increasingly common, personal bankruptcy is generally considered the last resort of debt management - the results are far-reaching and long-lasting. Bankruptcy will remain on your credit report for 10 years, possibly making it difficult to get credit, purchase a home, receive life insurance, or even get a job. However, bankruptcy is a legal procedure that offers a new start for people who simply can't pay off their debts. Seek financial and/or legal counsel to determine whether this option is right for you.

Seeking help from a third-party or business that offers debt and credit solutions may seem like a great idea when your bills or credit become difficult to manage, but be cautious! Before commiting to anything, find out exactly what services the business provides and what it costs. Also, get everything in writing - don't rely on verbal promises. Most importantly, before doing business with anyone, check them out with your local consumer protection office and the Better Business Bureau in their location. These agencies should be able to tell you if other consumers have filed complaints about the business.