If you find that you are falling deeper and deeper into debt, do not panic. There are simple things you can do to regain control of your finances.

First of all, do not borrow any more money! Rather, take stock of your situation. Write down details of everything you owe and then speak to each of your creditors and explain your situation. Lenders will be surprisingly helpful and will try to arrange a repayment plan with you.

Secondly, seek professional advice. There are several free services which you can turn to. Make sure you only turn to a voluntary organisation. Some firms claim that they offer debt advice, when they are only interested in selling you a debt consolidation loan.

National Debt Line: 0808 808 4000

Consumer Credit Counselling Service: 0800 138 111

Citizens Advice Bureau: 0870 126 4040