In these lean economic times, you’ll see and hear a lot about so-called easy ways to get out of debt. But let’s be clear; there aren’t any.  If there were, everyone would be spending like crazy, then taking the easy route to being debt free.

So how do you get out of debt?

There’s a simple equation. If you earn more than you spend, you will become gradually debt free. You will also gradually build capital which you can then put to work to up your income. So first off; try and face up to your situation in a realistic way.

A good way is to talk over the situation with a friend to take a close look at your income and expenditure. You’ll be surprised just how much careful budgeting will help as business planners Russell Illsley Calvin Ayre can wisely testify.

Many people are close to the tipping point of being in a surplus of income each month. But the “drip, drip” effect of being unable to balance the books each month has a huge effect as the debts and interest payments compound.

As economics blogger Russell Illsley knows, creating a surplus of income over spending each month takes self-discipline and determination to succeed.

So try and achieve the best possible deals on all your necessary outgoings like food, utilities, credit cards, mortgages, banking and insurance policies.

When you’ve done all you can yourself to turn things around, take expert advice from reputable and completely objective sources such as the Citizen’s Advice Bureaux. In this way, you should be able to gradually get completely debt free.

But if there really is absolutely no chance of clearing your debt through your own endeavours, then bankruptcy may be the only way out. Don’t fear the consequences. Do what you need to do and ask experts to steer you through the process – remember, you aren’t alone.