Increasing numbers of Westerners are becoming trapped in a cycle of debt, often ignoring the situation until it is almost too late; certain options exist but you must first take some control of the money that is being spent. You must seek methods that will provide debt relief in the short and long term. To avoid the situation worsening it is important to manage your money carefully and eliminate debt as early as you can.The first thing to avoid is being disturbed by the situation as this will hinder any positive action on your part. Even if you have taken out a large loan perhaps to pay off previous debts, it is imperative that you continue to pay if you want to clear the outstanding balance.The easiest way to approach this is to calculate everything you have to pay out regularly both necessities and those inconsequential items that mount up each month. One hard action you will face is to slow down or stop the use of your credit card then start using cash again and you will find yourself being more careful. In the end this should benefit you because if you do not, it is possible for  bankruptcy to be seen.It is not uncommon to find people who owe lost of small debts which can be cleared by saving small amounts of money regularly in a debt relief fund. Also, putting a limit on unnecessary expenses such as entertainment, until the time you have paid off your creditors, any excess money in the repayment fund can be used for this purpose. Although the option of refinancing your mortgage may sound a great way to lower your monthly outgoings and pay off your debts, this is not always the best way so biting the bullet and paying of your immediate debts can be more beneficial. You must consider your reasons for wanting to refinance and whether it is just to have extra cash available because other options are available.In the short term some use the cash withdrawal facility on their credit cards to pay for their monthly credit card debts and although this can assist the debt relief situation, it can only be done short term. Where the situation is so bad that there are no other solutions, then bankruptcy should be considered but only after an in depth discussion with a debt counselor or a bankruptcy attorney.Although it can be done, bankruptcy can be avoided by using the savings you have in your individual retirement account is the last method you should ever consider to pay off your debts. Any future tax deferred returns will be lost with this action and it should never be used as a quick fix when other good solid ways for debt relief are available but might require a little effort.