Start getting your finances under control. Learn how to develop a financial plan, calculate common monthly expenses, organize bills, bank account statements, receipts and other money-related issues.

Personal finance spreadsheets can help you set up and maintain a home budget, plan a personal budget and manage your finances. This way you can see where the bulk of our money is going. Don’t forget to put money aside in case of an emergency that requires major expenses such as losing a job, a refrigerator, air conditioner breaking or getting the car’s engine fixed.

Realizing that the individual is in financial problems and is seeking professional help, most creditors will work with a debt management company and offer some form of debt relief.

When you enroll in a Debt Management Program, you write a monthly check to the credit counseling agency and the agency pays your creditors.

Usually, credit counselors can stop late fees and other penalty charges, reduce or stop interest charges, lower the required monthly payments and re-age accounts to bring them current.

All the correspondence from creditors regarding past due accounts are directed to the credit counselors. It means you'll get fewer or no collection calls and letters from creditors. The plan usually lasts 3-4 years.

"I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I'm running into the tyranny of zero, which is where you can't reduce (the debt) any more." - Alan Greenspan quote.