COMMENT
Winning The War On Debt

"This is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning." (Sir Winston Churchill)

It appears that the cooling housing market is at last curbing our huge appetite for debt.

The latest Bank of England's Lending to Individuals figures due out this week are expected to show a slowdown in consumer borrowing. It's clear that, after the Bank's base rate began rising from its low of 3.5% (after five quarter-point rises, it's now 4.75%), many of us no longer feel comfortable with adding to our £1.1 trillion debt mountain, especially if economic growth continues to weaken.

Indeed, in its results last week, Barclays warned of rising bad debts at Barclaycard, as borrowers struggle to maintain their repayments. Furthermore, recent retail sales data have been disappointing, suggesting that some of us have already begun to tighten our belts. So, will the end of the UK housing boom signal the beginning of a new boom, one where perhaps we become skilled at paying off our debts and saving more?

If you'd like to conquer your addiction to living beyond your means, and start to learn to live without debt, check out the following tips:

1. Perhaps your most important task is to make paying your mortgage or rent your absolute priority, so read How To Avoid Losing Your Home and How To Cope With Financial Disasters.

2. In our Get Out of Debt centre, you can learn how to find out how much debt you have, work out a sensible budget, cut your expenses and deal with your creditors. There's also information on other options, such as rolling up (consolidating) your debts, Individual Voluntary Arrangements and Bankruptcy, if you want to explore these less attractive options. Alternatively, you can order a free copy of our Getting Out of Debt handbook, which covers all the above and more in detail.

3. Another important port of call is our Dealing with Debt discussion board, where you can get practical help and support to tackle your debt problem - from people who have been there and bought the T-shirt! Also, if you'd like to meet the kings of budgeting, pay a visit to our Living Below Your Means board, where clued-up Fools offer tips on saving money in both conventional and offbeat ways.

4. If your situation really looks hopeless and your debts leave you in despair, it's best to get professional help. Whatever you do, don't contact debt-management companies that charge fees, because this is money down the drain. Instead, contact one of these debt-counselling firms, which provide a free, reputable and sympathetic service:

5. On the other hand, you could take advantage of the debt-managment boom by buying shares in companies in this sector. For example, shares in Debt Free Direct (LSE: DFD), currently 172½p, have almost tripled since the start of 2004, when they were 61½p! However, I wouldn't recommend investing in shares unless you have cash to spare, so it's not an option for most borrowers!

More: Avoid paying interest – get a 0% credit card | Personal Loans Without Moans Or Groans.