Feel like you are drowning in debt? It's time to do something about it.

First, rest assured that you are not alone. There are many, many people who are deep in debt.

Second, more than likely you can pay off your bills and change your spending habits to fit your income. There is example after example of families who were deep in debt and were able to not only pay it off but who ended up in better financial shape than before.

For instance, there was one family who found themselves in such debt (over $100,000) that they had to move in with the wife's sister. She let them live in her basement.

They worked hard paying off the debt and creating a home business and are now worth over a million dollars. This is a true story.

If they can do it, you can too. Even if it means moving in with family temporarily, or downsizing your home, you can get out of debt. It is entirely up to you, though.

The first thing you need to do is take a close look at how much you spend each month and how much you make. Add up all of your expenses in one column and your income in the other.

Check to see if there is any spending you could reduce, such as not eating out, forgetting about going to the movies for awhile, or any unnecessary purchases.

Once you figure out what you need for expenses each month, if there is any extra income left over put it all towards paying off the smallest credit card debt. Once that is paid off, put all the money you were putting towards that credit card towards paying off the next smallest bill.

Continue with this until all of your credit card and other debt are gone.

If, after adding up your expenses and comparing it to your income, you find that there is no extra money to put towards paying off debt, you have some tough choices to make.

Perhaps you need to sell your home and get a smaller, cheaper residence. Even if you need to rent for just awhile, it will be worth it in the long run. It is better to pay off your debts than declare bankruptcy.

You might need to get a second job. Perhaps your wife could start a business at home. Perhaps you and your wife could start a home business together to bring in some extra money.

Perhaps you need to find a financial counselor who can help you figure out a budget and how you can pay off your debt. There are many to choose from.

There are options available to get out of debt. Whether you sell your home or start a home business you can do it. Do not let it ruin your life. Do not get so stressed that it wrecks your health or your marriage.

The important thing is to start today before it gets any worse. Then be patient and consistent in paying back what you owe. See it as a time to grow and learn money management. It isn't hopeless. You will become debt free.