Having debt can often overwhelm a family and limit their ability to achieve the things in life that they want including growing their family, retiring in a timely manner, and purchasing those goods that they want for themselves and their loved ones. As such, it is imperative that a family review their debt and put into place a plan to get out of debt.
One option to consider is declaring bankruptcy. While bankruptcy is often viewed upon negatively, if may allow you to quickly get out of debt and rebuild your life. While bankruptcy laws have gotten more strict and costly in recent years, bankruptcy remains a viable option for some individuals though your credit history will be tarnished for a period of seven years.
If you choose to repay your debt in the traditional manner, then it is important to analyze your finances honestly. Begin by preparing a budget where you track your monthly income and expenses. Consider downgrading your lifestyle to further reduce your expenses. Once you are spending less than what you earn, use this surplus to reduce your outstanding debt, generally by paying off higher interest loans first. Explore any refinancing options out there to consolidate your debt into one loan if you can obtain a cheaper interest rate, or simply take out a new loan at a lower rate and use the proceeds to pay off the higher interest rate loans. By implementing these plans you should be able to be out of debt in short order.