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If you are like the average person, you may be facing a seemingly overwhelming amount of debt. Believe me, I know the feeling. One moment you think that you’ve got everything under control; the next moment you have maxed out credit cards, loans, and other expenses. Is it possible to get out of debt?

Of course it is! It may not be easy, but is really is possible, and that is what I am working on right now. Care to join me in my quest? Here is what I am trying to do.

First, assess all that is owed. I think I am a bit fortunate in this respect. I only have one loan, which should be paid off by August. The payments are automatically taken out of my salary, so I am never late. My bigger problem is the credit card. My bill has gotten out of hand, and I really need to address it.

Second, create a budget. Yes, the “B” word is crucial. The basic income minus expenses formula is necessary to determine how much can be paid towards the debt.

Third, find specific measures to address that debt. In my case, I am looking at a couple of options for the credit card debt. One is a balance transfer that will give me lower interest rates. Another is to totally STOP using the card (I am working on this one for sure).

Fourth, come up with a plan NOT to get into more debt. Getting out of debt is not simply paying off your current debt but making sure that you do not dig a deeper hole for yourself.

All this takes determination and self-control – something that only you can deliver.

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