A few simple guidelines can help you determine whether you are swimming happily along, treading water with worry of going under, or drowning and in need of a lifeguard.

Good, safe financial swimmers share a few common characteristics. A safe financial swimmer could be wealthy or financially responsible but lower income. They live with a budget and within their means. They have minimal debt, though they may owe on a mortgage or a well chosen vehicle. They save, both for emergencies and long term needs. They have adequate health insurance coverage and a plan for the future. If all or most of this describes you, then you are likely in a good financial position and will swim to the shore with no problems at all.

The great majority of Americans do, however, find themselves financially treading water. For some, it may be lack of income, even if they do live frugally. For many, though, it is not an issue of income at all. Expenses are the problem. While you may not yet be drowning in your bills, if you are only making the minimum payments, using credit to pay bills or cover basic necessities or lack savings or health insurance because you are spending everything to support your lifestyle, you may be in danger of sinking financially. Grab a hold of a financial life preserver while you are still able to, change your habits, and become a better financial swimmer.

And what if you are already drowning? You have financially collapsed in exhaustion. You may be making late payments, or not paying on your debts at all. Creditors are calling, your car may have been repossessed, and perhaps you are even in danger of losing your home. If this describes you, seek help immediately to deal with your debt and save yourself before it is too late.

What can you do if you're just treading water, but have not yet gone under? Look honestly at your financial situation. Make a budget. Look in your local community for financial education resources. For some people, this will be enough to move you financially forward. For others, help with your debt may be critical. There are several options available, including debt consolidation, bankruptcy and debt settlement.

If you are already drowning, debt settlement can provide the CPR you desperately need to financially survive and help you on the path to rebuilding your financial well being. Debt settlement will reduce your debt and provide you with manageable monthly payments, help eliminate embarrassing calls from creditors, and allow you to step out of the water and onto dry ground with your self worth intact.