The dreaded D-word: debt. All of us have it at some time or another, and we would all like to get rid of it. Although it is probably not possible to live 100 percent debt free, you can manage the debt you have.

Depending on your circumstances, you need to consider whether you should manage your debt yourself, seek professional help, or when -- and whether -- you need to consider bankruptcy.

Am I in trouble?

Steve Rhode, cofounder of Myvesta.org, says you can feel crunched whether you have debt of $3,000 or $300,000. "You're in trouble if you feel you are, or if you're afraid to open bills, can only afford minimum payments, or if you time checks until the last possible minute so you can pay your bills," Rhode said.

Thankfully, there are ways to get a handle on your situation. Rhode recommends the following steps.

1. Stop going further into debt. And watch everything, not just the plastic. "Lots of people think credit cards are the biggest problem, but it is also other debt, such as mortgages and car loans," Rhode said.

2. Track the cash. A simple pad and pencil can help you track your spending. Or try a software program such as Quicken or Microsoft Money. Total it up at the end of the day, week and month.

3. Don't make a budget. Instead, make a plan. "Budgets don't work," Rhode said. "With budgets, you create a wish list of how you would like to spend your money, not the real way it is spent." Set real, quantifiable goals you can achieve. For example, one goal of your plan could be to pay down half of one credit card by the end of this year.

4. Don't expect instant miracles. Remain patient, and stick to your plan until you reach your goal.