You can have a do-over starting today. But you have to get over the feeling that it's too late

You really don't need to hire a debt settlement company to negotiate with your creditors.

Get your friends involved. Let your shopping buddies know that you're on a tight budget, and they can help you out when your willpower starts to weaken at the mall.

Pay cash. For some reason, it's harder for people psychologically to part with their cash than it is to swipe a card. Maybe it's the act of physically seeing the money change hands, or maybe it's because you don't want to break a $20 for a $2 cup of coffee.

If you'd asked me a few years ago about debt settlement companies, I probably would have told you to avoid them.

Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be able to settle your debts for cents on the dollar. You'll also pay a fee to the debt settlement company, usually either a percentage of the total debt you have or a percentage of the total amount forgiven.

No company can promise an end date, but if you have multiple debts, the first one should be settled within a year.