Changing your spending habits is not always easy.   If you find yourself facing financial difficulty, the following steps will lead you down the path to a successful financial future.

1. Stop using credit.  You cannot borrow your way out of financial difficulty. If your situation is temporary, a small loan to tide you over may be appropriate.


2. Communicate with your family.  It is imperative that all members of your family understand the financial situation so that they can support change.


3. Research your available resources.  Consider selling assets or taking on additional work.  Also research available government assistance.


4. Adjust your spending.  Make a conscious effort to know the difference between needs and wants.  


5. Assess your debt.  Gather all of your statements and find out whom you owe, how much you owe, and what interest rate you are paying.


6. Establish priorities. Remember that not all of your debts equally impact your family.


7. Contact your creditors.  Many creditors are willing to work with consumers facing temporary setbacks.  


8. Avoid predatory lenders.  Payday loans and car title loans may seem like a solution; however the high fees will only make your situation worse.


9. Get help.  Career counseling, VA benefits, United Way agencies and Consumer Credit Counseling Services all may be of assistance.


10. Learn from your mistakes.  Once you have recovered, be sure to establish an emergency savings account to protect you from future setbacks.