Sometimes debts build up over time until one day when you look at your bills you have to look again because an unexpected red flag has just gone up. Overwhelming debt can also follow a car accident, job loss or other unanticipated crisis. Your natural reaction may be to work out a strict budget and immediately cut back on spending. While this is preferable to rushing out and getting a high-interest payday loan, a tight budget will not provide immediate relief. In fact, it may only slow your sinking.