1. Do not ignore debts – List all debts, including family and friends. Get in touch with your creditors and make arrangement to pay them.

2. Prioritise your debts – Make sure that you pay your essential debts first. Pay off debt with higher interest rates first.

3. Do not borrow to pay off debt – Avoid borrowing more credit to settle your other debts. This will get in into a debt cycle. Do not buy food on credit.

4. Cut down on expenses – Rather focus more on needs than wants. You should also consider early settlement of loans to save on interest.

5. Surrender the goods you cannot afford – This you can do by giving written notice to creditors on the intention to terminate an agreement and return purchased goods within five days.

6. Start saving – Put aside money for unforeseen circumstances and use your bonus to create personal wealth.