If you're in debt, getting out of it is probably near the top of your priorities list - and that's exactly what this guide was written to help you achieve.

First: a note about different kinds of debt

Debt doesn't just mean loans and credit cards. Mortgages, arrears, store cards, money you owe to catalogues - the kind of borrowing you're dealing with will have a major impact on how you should deal with it.

They can be either priority or non-priority.

• Priority debts. Ones with the most severe consequences if you don't repay them (e.g. secured loans and mortgages).

• Non-priority debts. Ones that simply aren't as important (such as credit cards and personal loans) - although you do still have to repay them.

Making your payments towards your priority debts is absolutely vital. If you can't afford them, you might need to consider some drastic 'lifestyle' changes, like moving to a smaller property, getting rid of your car or getting a second job.

But that's not always necessary. You might be able to free up enough cash if you switched to a better mortgage deal, got more out of the benefits system, found a cheaper utility tariff, economised on your shopping, etc.

Plus, your priority debts might not be the real problem. It could be that your non-priority debts are taking up too much of your monthly income. Your non-priority lenders might let you repay them with smaller monthly payments over a longer time if that's the only way you can pay for life's essentials - like the roof over your head and food on the table.

So how do I get out of debt?

The way you should tackle your borrowing will depend on how well you're coping with it. Everyone's situation is different, but to keep things simple, we've broken it down into five basic categories:

1. I can easily afford my payments

2. I can afford my payments pretty well

3. I can afford my payments - but only just

4. I can't afford my payments

5. I can't afford to repay what I owe

1) I can easily afford my payments

If you can easily afford your monthly payments, you could do yourself a huge favour and work on repaying what you owe more quickly.

If you pay more than you actually have to every month, you can seriously reduce the amount of time it takes you to get out of debt. Since the interest won't have as long to build up, you can also reduce the overall cost.

Some kinds of borrowing, like most credit cards, make this very easy. You can pay off as much as you like every month, as long as you make at least the minimum payment. (Repay your credit card balance in full every month and you'll never pay any interest at all.)

With other debts, you should check the terms & conditions to find out whether you can overpay them, whether there's a limit on how much you can overpay, whether you might be charged - and whether you need to tell your lender about it in advance.

So, which debts should you pay off first ?

2) I can afford my payments pretty well

If you're on top of your payments - but not feeling 'flush' - you should basically just keep on making them as you agreed until you're back in the black.

However, credit cards are an exception to this rule. The tiny size of the minimum payments (as a percentage of the total balance) can mean it takes years - and costs a lot in interest - to pay off even a smallish credit card balance.

3) I can afford my payments - but only just

This could be dangerous. If you feel like you're sailing a bit close to the wind, you need to be very cautious. You might find you just can't afford your payments anymore if:

• You borrow a little bit more, or

• There's even a change - even a small one - in your situation (a cut to your benefits or working hours, for example, or an increase in your costs).

However, you might be able to improve things and get yourself some leeway. For instance, working some overtime or cutting back on your non-essential spending might help you free up more money every month. That should make your payments more affordable - and you could always use it to overpay your debts, so the payments aren't so big in future.

4) I can't afford my payments

This is serious. You could face all kinds of problems, from fines and damage to your credit rating to legal action from your lenders.

You need to do something about it straight away.

• You could contact your lenders yourself, explain your situation and see what they suggest.

• You could figure out a new repayment plan, with payments you can actually afford - that would let you repay the money you owe more slowly than you originally agreed.

• You could ask a professional debt adviser to go over your options with you. They could help you draw up a budget, for instance, or talk to your lenders on your behalf.

• You might be able to free up enough money by working on your budget .

Lenders don't have to accept any new repayment plan, whether you propose it yourself or an adviser does it on your behalf. However, they're likely to agree to it if it looks like the best way for you to get the money repaid.

A word of warning: making lower payments will affect your credit rating and it could cost you more in the long run if your lenders don't agree to freeze interest.

5) I can't afford to repay what I owe

This is even more serious. If you genuinely can't afford to repay what you owe - even if you were allowed to do it more slowly - you might need to enter insolvency.

There are different kinds of insolvency: bankruptcy, IVAs (Individual Voluntary Arrangements), Protected Trust Deeds and DROs (Debt Relief Orders).

They all work in different ways, but what they have in common is that they can actually write off some or all of what you owe.

There are serious drawbacks to entering insolvency, though. It'll have a serious impact on your credit rating, can affect your job and can result in you losing your home.

Looking for more information?

In a nutshell: whatever situation you're in, there are things you can do about it. If you've read something on this page that rings a bell, we hope one of these links will help you understand your options better…

1) If you feel you're doing well but wondering whether consolidating your debts with a loan could save you money / simplify your finances / get you out of debt faster, take a look at what it involves .

2) Wondering about credit cards and the infamous 'minimum payment trap'?We've put together some info on this, including things to avoid and tips on staying motivated .

3) You'll find some more money-saving tips on this page.

4) If you're falling behind on your payments, getting some professional advice could really help you get your finances back in order. You'll find a 'debt solution finder' and a comparison of the debt solutions that might help you on this page. Or you could contact the Citizens Advice Bureau or StepChange (formerly CCCS) and find out what they could do for you.

5) If you can't repay what you owe and you need to find out about insolvency, we have plenty of information about bankruptcy! , IVAs , Protected Trust Deeds and DROs .

Nobody likes owing money. We hope this guide helps you find the best way forward.