Topping headlines and filling the airwaves on an almost daily basis, the issue of debt is hot news in the UK. But is the situation really as bad as the media makes it out to be? It is true that in recent years more people are experiencing financial difficulty, but that does not mean that there aren't ways out of debt for those suffering. There are many financial solutions available for those willing to admit they need extra help to climb out of debt, but facing your financial problem is the first and often hardest step to begin the process of paying your way out of the red and into the black.

According to research by debt management group, Chiltern, 1 in 16 consumers in the UK use over one quarter of their monthly income to pay off debts. When asked about their finances however, their answers revealed another piece of the problem. 30 percent of these individuals claimed not to have financial problems. But according to government financial and debt guidelines, these people are at the state at which people become over-indebted - leading to the potential of facing huge financial difficulty in the future. Women were more likely to be less accepting of their financial problem whereas men were more willing to admit to difficulties in this area.

Unfortunately debts do not disappear, regardless of whether admit to having problems or not with your financial situation. Money worries are a top concern for many Britons and taking a head on approach is more likely to end happily than adopting avoidance tactics.

The first step is examining closely your monthly expenditures and trying to put an end to any unnecessary spending. Once you have cut back, you might still need some extra help to make your payments and if this is the case, it's time to look into other debt solutions such as a debt management plan or an IVA (individual voluntary agreement).

Debt management plans are best for temporary arrangements, lowering your monthly payments and usually set up by specialist companies who will negotiate with your creditors to agree a set monthly payment that you can afford. There is usually a start up fee and/or a monthly fee for managing the programme but can give much needed breathing room for you to start to get ahead of your payments.

An IVA is a legal contract that can also lower your monthly payments and may allow for you to write off a portion of your debt after a few years. This solution is good for some but is not a cure-all solution. There are risks associated with any debt repayment and all facets of the agreement should be taken into account before agreeing to manage any debt.

Whatever solution you choose, it should be tailored to meet your needs. Not all debt solutions are for everyone and whenever making important financial decisions, it is advisable to ask the experts for advice.