Desperate straits are a situation or circumstances that are dire, critical, or perilous. There are numerous synonyms that can be used for the phrase 'desperate straits,' including 'dire circumstances,' 'desperate conditions,' 'struggling situation,' 'economically challenged,' 'impoverished,' 'financially distressed,' 'extreme hardship,' and 'dire straits.' The phrase can also be used interchangeably with 'in a bind,' 'in difficulty,' 'in trouble,' 'at a disadvantage,' and 'up against it.' All these synonyms convey a sense of urgency and desperation, highlighting the severity of the situation and the need for immediate action to resolve the crisis.