Step 5: Get Help as Soon as You See Trouble

A credit-counseling agency or a financial planner can lay out options you may not know about. A good counseling agency will help you set up a budget and may enroll you in a debt-management program, if appropriate (the average program costs $24 a month).

The agency can negotiate with lenders to eliminate late fees and lower interest rates; most participants get out of debt in less than three years. You can find a credit-counseling agency at www.nfcc.org or www.aiccca.org.

NEXT SLIDE SHOW: 4 Ways to Stay in Control