There are so many ways to cope with debt. It’s almost paralyzing trying to figure out the best strategy. In that, you’re not alone. At some point, many people face a financial crisis. When finding a better way to deal with debt, though, you must consider your debt load, discipline level, and near- and long-term goals.

Create A Budget

Yeah, yeah, you’ve heard it before, right? That’s because it truly is important to write down how much you earn and how much, and where, you’re spending. Begin by listing all your income. Follow that with fixed expenses – those that are constant each month – such as rent or mortgage payments, car notes, and insurance premiums. Next, write down expenses that can vary each month -- outlays for clothing, groceries, and entertainment, for example.

You may think you have a good idea how you’re spending, but there’s nothing like writing everything down and seeing it in black and white. In fact, doing so is a great way to track spending trends and, if necessary, re-prioritize.

Let Creditors Know You’re Struggling

The last thing you want to do is talk to them, right? We get it. But in fact, you need to alert your creditors immediately if you’re behind the proverbial eight ball. Tell them what’s going onand try to get them to cut you slack, perhaps in the form of a more favorable payment schedule, waived fees, or a reduced interest rate. If you wait until your balance has been forwarded to a collection agency, however, you’re too late.

Know How to Deal with Collectors

Did you know that debt collectors may not, by law, contact you before 8 a.m. or after 9 p.m., or while you’re at work if the collector knows that your boss doesn’t like it? Well, now you do. Also, when trying to collect a debt, collectors may not harass you, lie, or employ unfair practices. Another thing: if you write to the collector requesting that all contact ceases, the request must be honored.

Try Debt Relief

This is where you pay a firm such as Freedom Debt Relief to try to negotiate with your creditors to get them to accept less than what you owe. While debt relief, also known as debt settlement, is a popular and proven financial strategy, you must make sure you’re not getting one of the bad actors out there. You may ask: what about a well-known company such as FDR – is Freedom Debt Relief scam or legit? Not only is it legitimate, Freedom’s the nation’s largest debt relief company. Plus, it’s been around for nearly two decades. You want an accredited company that waits until debts are settled to charge you, as required by law. Firms that send you a bill upfront should be shunned.

Try Credit Counseling

These outfits offer advice on managing your money and balances, assist you with crafting a budget, and offer complimentary educational literature and workshops. They have certified counselors that can go over your financial situation with you, and help you establish a customized plan to help you resolve your issues.

Try Debt Management

If you have excessive debt and can’t see yourself rid of it in five years, a credit counseling agency may suggest enrollment in what’s known as a debt management plan. Under this plan, you’ll deposit money monthly with the credit counseling agency, which will disburse the cash to your creditors. You’ll have less access to credit with this strategy, however.

Now you know more about finding a better way to deal with debt. You have many options, as you can see. The important thing is to size them up against your situation – and to start today.