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Credit card debt is a major cause of over one million bankruptcies each year.  The reason is that many people get a credit card without researching and reading the fine print.  By the time annual fees are added on, along with spending indiscriminately, payments are missed, which causes their balance to skyrocket. Although we all like to place the blame on the credit cards and the credit card companies, you need to keep in mind that the real cause of your financial mess is you. One shopping spree does not usually cause high debt.  It is usually a pattern that consists of gradually increasing purchases that add up to a large debt.  The great thing is that it can be very easy to get out of debt.  The key is to start spending less than you make.  This is a long-term solution that can help you to whittle your debt down. Although it may sound simple, it can be very difficult if you have a problem with willpower.  It is important to stick with spending...

The first step to avoiding the troubles of financial debt is to create and maintain a budget.  It’s not as intimidating as it sounds, don’t worry. First off, create a list of all your monthly income and also a list of your monthly expenses.  When determining income, list all sources including alimony, child support, side jobs, etc.  In calculating expenses, be sure to include housing, food, transportation, utilities, entertainment, etc.  To gain an accurate reflection of actual expenses, sit down each night and write down expenses, just make sure to save receipts.  Determine if your income covers all of your expenses.  If the answer is no, then some expenses need to be reduced. Adjust expenses.  If it is a small discrepancy, it may mean reducing some minor expenses like entertainment or cell phone plan.  If the deficit is larger, you may need to downsize your vehicle or living arrangements.  If your income covers all of your expense...