Debt

Debt is a topic that you just can't avoid these days. I think my kids know more about the economy, the stock market, investments, and debt than I did when I was twice their age. Talk about it is plastered all over every newspaper and magazine, as well as the topic of just about every news show on t.v. . It's a good thing that we're talking about it more, as debt can really take over your life if you let it. There was a point in time that we were really swimming in high interest debt, and it just kind of spirals out of control very easily. Compounding interest rates make your minimum payments mean pretty much nothing as far as reducing what you owe, lenders keep offering more money, which means more debt, and well, besides paying off your debt, your "regular" bills just keep coming. Arggghh!!!

Thankfully, like I said, we are talking about it now. There are more options for help available now too. There are quality programs out there to help you to get out of debt and avoid bankruptcy, and they are becoming more and more user friendly. ClearDebt has a neat website that explains their varying services, offering you the option to tailor them to your needs. They even have a short debt test to help you to pinpoint your needs.

The key to managing the "debt monster" really is to acknowledge that you are getting in over your head and seek help, either from a group like ClearDebt or from a trusted friend with wisdom in this area. Anyone have any other debt tips?