Don Wilson - Controlling Your Debt

Personal consumer debt is a real problem for most American families. It takes discipline to get out of debt and to stay out of debt. It is important to understand that how much money you make is not the only answer. You see people from all income ranges getting in to debt. Certainly earning more income can help you reach certain goals much faster but more income doesn't always mean less debt. What you do with that income is what matters most.

This article I read offered some great tips on controlling debt. Here are a few of my favorite points:

Americans are loaded with credit card debt.

Get a handle on your spending.

Pay off your highest-rate debts first.

Don't fall into the minimum trap.

Watch where you borrow.

Expect the unexpected.

Don't be so quick to pay down your mortgage. (Pay off other debt first.)

This article made some other great points and went in to much more detail. If debt is a problem in your household, read this article. And most importantly put a plan in place to work your way out of it. It takes hard work to be debt free but it is worth the price.

The article can be read on the CNNMoney site:

http://money.cnn.com/magazines/moneymag/money101/lesson9/

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