You're not alone. Many people face a financial crisis some time in their lives. Whether crisis is caused by personal or family illness, loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn't have to go from bad to worse.

If you or someone you know is in financial hot water consider options below. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for future.

Developing a Budget: The first step toward taking control of your financial situation, is to do a realistic assessment of how much money you earn and how much money you spend. Start by listing your income from all sources. Then, list your "fixed" expenses — those that are same each month — like mortgage payments or rent, car payments, and insurance premiums. Next, list expenses that vary — like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize rest. The goal is to make sure you can make ends meet on basics: housing, food, health care, insurance, and education. Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your cheque book, and creating plans to save money and pay down your debt.