Did you know that the consumer debt in US more than doubled during the last 10 years and today many Americans continue to spend even though they already own thousands of dollars in credit card fees, mortgages, and etc?

Take a note of this:

• About 43% of American households spend more money than they earn each year.
• On average, American households carry around $8,000 in credit card debt.

And on top of that, the amount of personal bankruptcies has more than doubled in the past 10 years. So, if you find yourself paying excessive amounts of money to creditors (mortgage, credit cards, lines of credit, etc.) each month, then it is time for you to think how to deal with your debt.

It is quite possible to become debt free. Where can you start?

It is quite natural to want things and people buy things they like or want without thinking much. First, you will need to start keeping track of what you are buying each and every month. Write it down and start cutting back on things you do not really need.

Second, you will need to get rid of the highest rate interest cards and afterwards use only one credit card. This way, you will be able to better control your spending. Credit cards are very expensive. You should always try to pay the credit card balance so that you would not have to pay the outrageously high interest on carrying it.

You might also want to consider a debt consolidation loan: transfer the balances from the credit cards and other high interest rate loans into a single low interest rate loan.

Finally, you should try and negotiate your debt with your creditors.

You can find a number of very useful manuals on how to become debt free here.