The first step towards successful debt management is admitting to yourself that you are in fact in debt.

Debt is debt; it doesn’t matter whether it is £10 or £1000 - it's money that you owe to someone and you're trying to pay it back.

Of course, our biggest debts are usually our mortgages, but we will leave that aside for the moment.

What I'm talking about here is arrears, large credit card bills, personal loans and generally living beyond our means.

Admitting your in debt is the very first stage to debt management and debt recovery. It is a lot like a gambler admitting they have a problem, or an alcoholic going to their first anonymous meeting.

Don’t underestimate the depressive weight of being in debt. It is far more gut-wrenching than people would imagine.

Luckily, there is help out there in the form of debt management companies, financial experts and citizens advice. Just make sure you take the first step.