The word 'debt' has a negative connotation with most people, but not all debt is bad. Millions of people have a mortgage or auto loan because very few people have enough cash on hand to buy a house or car. But once you take on debt, you may be at an increased risk of falling behind on payments or falling into more debt.

In reality, nobody takes on an insurmountable amount of debt on purpose, but it happens to millions of people every year. Lots of people graduate college with more debt than they expected, while for others, it's the result of an unexpected medical bill or uninsured accident. It can even be something that happens very slowly in the absence of a budget. Having a credit card can make it easy to spend money you don't have.

However the debt accumulates, it can be difficult to escape without a plan.

If you truly feel in over your head, you might want to consider credit counseling services – a reputable counselor will evaluate your entire financial situation and work with you to prepare a personalized plan, including a budget. If you're looking for a local counseling service, you might try a credit union or nonprofit agency.

Military service members have access to assistance through the Servicemembers Civil Relief Act, which can help reduce the interest rate on mortgages and credit card debts, or delay foreclosure and bankruptcy proceedings.

Consolidation of debt fundamentally involves combining one or more sources of debt – such as personal loans or credit cards – into one debt that may have a lower payment. Companies that offer debt consolidation can help you negotiate with your lenders, but it's a joint effort and you must demonstrate a willingness to make regular payments in order to qualify.

If all else fails, filing for bankruptcy is an option that can provide the fresh start you need. It's an involved process, one that should only be considered after exploring other options first. Your bankruptcy will make it very difficult to get credit, life insurance, purchase a home, or even land a job – for 5 or even 10 years.