Few things are more punishing, draining, and soul destroying than debt. Besides for the obvious financial burdens placed upon you, debt assumes a life force of its own. It gathers momentum when it sees that it’s getting the better of you, and quickly builds to apply additional pressures on your limited financial resources. While this oversimplification of debt may aggrandize it a little too much, it is true. Anyone who has ever been in debt understands exactly what it feels like. The crushing burden of unpaid bills and the attendant interest-related repayments can prove insurmountable.

Breathe. There are ways to avoid the pain and suffering of debt.

Here are 5 options available to you:

1. Apply for Good Debt Not Bad Debt

When you’re in debt, the last thing you probably want to take on is additional debt. However, it’s important to understand that not all debt is created equal. There is good debt and there is bad debt. Good debt describes credit lines that are intended for things like education or buying a home. Bad debt is typically reckless and wanton spending on credit cards, personal loans etc. If you’re looking to improve your personal financial situation, avoid the bad debts and embrace the good debts. In the end, you will pat yourself on the back.

2. Apply for a Debt Consolidation Loan

Perhaps you already have a significant debt burden. There is a way out of this. For starters, you may wish to evaluate the interest-related repayments on your lines of credit. If you have credit card debt, chances are you don’t have 0% APR. Any time there is substantial debt, debt consolidation loans should always be considered as the best personal loan. This type of loan is used to repay all of your debt at a lower interest rate than your current rate.

Provided you are a credible payer, you can be approved for a debt consolidation loan. It is a good idea to evaluate the services of multiple banks and nonbank financial institutions offest consolidation loans. You can do this by using loan aggregator services to your advantage. These companies make banks and non-bank lenders compete for your business – that way you are always assured of the best rates, repayment periods, terms & conditions.

3. Try Debt Mitigation, Debt Management or Debt Negotiation Services

These services refer to similar things. You are enlisting the help of debt management experts to negotiate repayment terms with your creditors. Depending on how proficient these companies are, you can reduce your debt burden, and eventually be removed from collection agencies’ lists. Be advised that debt negotiation or mitigation services may incur costs in terms of your credit score. However, the providers of debt mitigation services will negotiate hard on your behalf to decrease your repayment obligations.

4. Create a Budget

A budget or a debt repayment plan is something that you can create on your own, or with the help of a financial services advisor. Budgets are essential to your financial well-being. They will allow you to stay ahead of your obligations, by assigning limits to your expenditure and allocating funds towards repayments. Do away with unnecessary expenditure, big-ticket purchases, and all the frills while you are trying to eliminate your debt. That way, you will be better positioned to reduce your debt burden and work towards a debt-free life.

5. Regularly Check Your Credit Reports

If you don’t already know this, here is a useful bit of advice for you. You are entitled to 1 free annual credit report from the big 3 credit reporting bureaus in the US. These include Experian, Equifax, and TransUnion. These reports are useful in that they detail your credit history. If you spot any anomalies, contact the creditor, or the credit bureau, and file a complaint.

You can also check your credit reports via your credit card company. Many loan aggregator services also provide complimentary credit report checks for you. The last thing you want is identity thieves running off with your Social Security number and opening up multiple lines of credit in your name. Better safe than sorry.