If you know the feeling of dread every time you hear the phone ring, or live in fear of not having enough money to buy groceries at the end of the month, chances are you’ve found yourself deep in debt. If this is happening to you, you’re not alone. In today’s economy, more and more people have had to rely on credit cards and bill juggling just to keep the utilities on. It is possible, by following these tips, to get out of debt and reclaim your life.

Freeze Your Credit Cards

…literally! Put your credit cards in a sandwich bag filled with water and put them in the freezer. It’s a tried and true trick, strange as it sounds. By freezing your cards, you are less likely to use them for impulse buys, if at all. If you feel like you need your card, the time it takes to defrost will allow you to rethink your decision.

Cut Your Expenses

You don’t have much of a choice when it comes to utilities, mortgage and car payments, but you can cut back on other expenses. You don’t need cable television to survive, packing lunch is cheaper than eating out, and investing in a travel cup and brewing your own coffee before you leave will make sure you aren’t putting that kid at the coffee shop through college. Look at your expenses and decide where you can realistically cut back.

Purchase Order Financing

If you own a business, chances are much of your time and money are spent keeping it running. Instead of depleting your bank account with large purchase orders, finance them. Reputable firms will utilize this special type of financing based on the financial position of your customer, not your credit history.

Pay More

Rather than making only the minimum monthly payments on your credit cards, send in $10 or $20 more (and more if you can!). Paying the minimum means it will take you several years to pay off the debt, even if you stop charging today. By paying more than the minimum amount you will ultimately pay less interest and pay off your card(s) sooner.

Credit Counseling

Credit counseling can help people as long as the company you sign up with isn’t a scam. Look out for promises of legally erasing your debt or helping you become debt free in less than a year. This isn’t possible in all but the smallest of circumstances and any company making these claims is probably not reputable. A credit counselor can sit down with you and your pile of bills, help you make a budget and in some cases, pay your bills for you (with your money of course). While you may be embarrassed to show someone your debt, know that these people are professionals and deal with all manner of people. There’s nothing embarrassing about seeking help for your situation.

Bonnie Ashland is a financial consultant for medium to large companies and she suggests that you consider using purchase order finance to pay for larger orders, instead of dipping into your cash flow or capital.