Although the recession may technically have passed, for many millions of people in the UK the financial crisis is still very much a reality. Unemployment is at record highs, credit card rates are higher than ever, and interest rates remain incredibly low, making it more difficult than ever to find value if you’re looking to save your money away.

Recent figures from the Bank of England revealed that debt defaulting rose massively through 2009 as people struggled to balance their income with their outgoings; cases of individual bankruptcies also sky-rocketed.

So if you’re struggling to deal with debt, what’s the best thing to do?

Firstly, there are a lot of websites out there claiming to offer debt help. This can range from genuinely good advice to offers of cheap credit for people who are struggling with their outstanding debts. Be very wary of any company that claims to be able to offer you cheap credit, there is almost certainly a nasty surprise hidden in the small print.

The best thing that you can do is to find a professional debt management company like Debt-Line who offer debt help, have experience helping people through difficult financial times.

Some people might argue that a debt management company will merely do the obvious for you, devise a plan for paying down your debt. Whilst they will do this, they also provide a far greater resource for helping you get out of a difficult situation than simply making a plan.

The reason for this is that the best debt management companies have developed strong working relationships with the majority of major lenders in the country. This means that they can negotiate deals with your creditors in a way that you would never be able to individually. Accordingly, with the support of a good debt management company there is a strong chance that the rate of interest that you are paying on your outstanding debts could be frozen or reduced.

Another major advantage of working with a debt management company is that should you finances have reached such a state as to leave no other options available, they can advise and help you through the difficult process of declaring yourself insolvent. Going bankrupt is not the only option, and a good debt management company will be able to talk you through all the options available to you and help you settle on the one that offers the least pain in the long run.