Getting into debt is such an easy trap to fall into without initially realising. By the time you find out how deep you've dug yourself in the whole it might seem like there's no lifeline out. However, you may be able to turn your situation around.

NEVER TOO LATE TO ACT

John Manyike, Head of Financial Education at Old Mutual says there's a light at the end of the tunnel for those who find themselves in this predicament. He says it's never too late to act and you can recover.                                                                                                                                                                                                                       "While a positive financial future may seem far away, it may not be if you take the necessary steps you need to empower yourself with knowledge about available financial tools,' John says.                                                                                                                                                                                                                                       Some life changing decisions ought to be made as you can't do the same thing and expect different results. He suggests that you seek some professional help from a debt counsellor if you think you can't do it alone. The debt review process is about protecting your assets by having a specialist arrange a structured and affordable repayment plan for your debt, says Waldo Prinsloo, Head of Risk and Compliance at Octogen Debt Review.

SEEK PROFESSIONAL HELP

Finding a debt review consultant to get the best service will be vital. They may even suggest a payment plan that can help you out of the sticky situation without having to go into debt review. This process might help you make sure that you can feed your family, keep a roof over your family's head and that you have transport. Be that as it may, you must be aware that a debt review does not guarantee you will be helped. John says if it is found that you have too high debt levels the solution may be to declare bankruptcy and have some of your assets repossessed.                                                                                                                                                                              "It is also important to realise that once the hard work is underway and recovery is on the horizon, the best way to stop repeating costly mistakes is to empower yourself, assume responsibility for your decisions and equip yourself with the financial education needed to create positive futures for you and your family.  Live a life of investment and not a life of consumption,' he cautions.

THE ROAD TO RECOVERY

Should you decide to do it by yourself then that means you will have to make some changes in how you interact with money. Downsizing your extravagant lifestyle is the best place to begin. Your bond payments are most probably taking much of your income. You may have to downgrade or rent it out than have the bank evict you and your family. The rent money will take care of the bond payment.If you have a car, you'll have to sell it and settle the outstanding balance. Not having it means that you will not have to pay insurance premiums, no service cost or buying fuel. Pack a lunchbox to work instead of buying from the canteen will make a difference. Don't even think about those after-work drinks. Buying cheaper brands when you do your grocery shopping and closing unnecessary clothing accounts as well.                                 "Having to acknowledge that you need specialised help to get back on financial track should be seen as a growth process," he encourages.