Manage your debts

When we think of debt…inability to pay off the debt… we will think that bankruptcy is the last resort. Suffer thru the bankruptcy and then come out of it as a new man again. But who would want to go on living with such financial restriction? There are actually so many other ways to get out of debts.
I first heard of debt consolidation from a television show. The television show is about people who gotten themselves so much in debt that they are in a serious financial problem. The counselor helped them to realize the causes of their situation and how to stop themselves from getting more into debt. At the same time, the counselor also helped them to find some other way to make extra cash to pay off their debts.
I think this is a very interesting issue because not everyone has the knowledge about this. Then, I read about Individual Voluntary Arrangements (IVA). It is a better alternative to bankruptcy as one can actually cut their debt by half and freeze the interest. What is more is that it can actually stop the creditors from going after you. There is so much stress from having the creditors calling and asking for payments every now and then. I will break down if I am faced with such pressure.
Overall, there are so many ways to handle debts. We should always try to look for different options.