Finding yourself with escalating debt problems is a scary situation, one which makes even the most level-headed of people panic and act irrationally. However, some of the quick-fix ‘get out of debt' methods you may hear of will only make the problem worse, leaving you even more in debt and maybe even facing bankruptcy.

Watch out for the following common debt mistakes:

• Avoiding opening credit card statements ‚Äö√Ñ√¨ This may make you feel better temporarily by ignoring any debt problems, but in reality you could actually be making it worse as well as harming your credit rating in the long run. ¬¨‚ĆRather than pretending the debt doesn't exist, the best thing to do is to face up to credit card debt, repaying it off over time and proving to lenders that you are responsible with your finances. Once a credit card debt is repaid, make sure you cancel the card with the provider ‚Äö√Ñ√¨ this way you can't be tempted to spend on it again (and rack up any more debt management issues), but also to make sure it is removed from your credit file.
• Falling for scams ‚Äö√Ñ√¨ Watch out for con artists trying to make money out of your desperate situation. Especially companies who claim to be able to write off all of your debts, or who say they will buy your debt so you no longer have to worry about it. There are plenty around who will be happy to prey on your desperation to get out of debt. If it sounds too good to be true, then it probably is. Always make sure you do your research before signing anything.
• Minimum monthly payments ‚Äö√Ñ√¨ Loan and credit card companies often give you the chance to pay only very small minimum monthly payments on your debt. This may sound quite useful, as you have less to pay each month, but it is far from ideal – as the interest on your debt will only grow and you will end up repaying much more than you originally borrowed. Instead, work out a fixed amount that you can afford which is greater than the minimum amount, as this will help you to work your way out of debt quicker.

Avoid these mistakes and don't let desperation influence your decisions; remember that working your way out of debt requires calm, cautious and rational thinking.