If you have a lot of debt and are looking for a way to dig yourself out, debt management can be the way to go. A word of caution, proceed carefully. Many debt management agencies make promises that are not realistic. It is important to research each company you are considering very carefully to avoid digging a deeper hole. Choose debt management agencies that are reputable. Ask for references, and, of course, read the fine print before you sign anything. Once you begin your research into debt management programs you may discover that much of what the agencies offer, you can do on your own. If you choose this route, the following plan will help you get started.

Collect all of your bills together and make a list of:

• amounts owed
• account numbers
• contact information (address and telephone numbers)

Debt management is more palatable when you have a clear idea of what you owe and to whom. Contrary to popular wisdom, ignorance is not bliss. Unfortunately, hiding under your bed will not erase the debt. Only time and a sound repayment plan will. Okay, so you've cleared the first hurdle - facing the problem. Now you must take a look at your budget so that you can develop a workable repayment plan. You may feel some hesitance about calling creditors if previous interactions have been strained - but, still you must call. Take a deep breath and remind yourself that it is not personal and you are not a deadbeat. You will be calling a person who is doing a job. You will have a job to do as well - implementing a debt management plan that gives you back your life. Calling is a critical step that cannot be avoided. You may be surprised at the cooperation you receive. From offers to reduce interest rates or bring your account current with a payment or two creditors are often willing to support your debt management plan. After all, it's in their best interest.