There has been a lot of controversy over the problems with debt. Former bank employees are blaiming the banking indusrty for its deceptive practices with selling credit cards and cash advances on credit cards. The bottom line is that people are responsible for their own debt ptroblems. No one twisted their arm to incur debt. It all goes back to mankind’s basic nature of greed and lack of self control. It’s like having an additction to alcohol or drugs. Sooner or later it starts to control you.
Now is the time to review your money management and make a conscious decision to eliminate debt from your portfolio. If you are in the habit of buying things on credit, reduce or stop using the cards. Going back to the way you used to puchase merchandise before you had credit cards is helpful. If you do not need the item, do not purchase it.
If you must have it, save up enough money to buy the item with cash. This may require setting up a separate savings account specifically for this purpose. Be disciplined enough to deposit the money and do not withdraw it until you are able to purchase the item. This is going to cause a total change in lifestyle and may require patience on your part.