There’s an old saying, “A fool and his money are soon parted.” In today’s complex systems, even the wise can end up in hot water financially. Wanna see how true? Watch the news.

$13.8 trillion dollars. This figure represents the total household debt as the result of a study done in 2008. And right up until today we see the havoc that spews from foreclosures and credit card debt. Pawn shops are thriving, and repos rule the neighborhoods.

There are worthwhile debts. Buying a home is debt that translates into an investment. It provides tax advantages and builds equity for future financial needs.

As Americans we have become accustomed to pampering ourselves, and really have taken wastefulness as a right of being an American citizen.

“Waste not Want not” is another old saying. But here in the land of plenty, our habits have gotten us a bit off track. In order to maintain our lavish lifestyles we have gone way into debt, keeping an optimistic eye out for an upturn in economic status and a validation of our faith in the system that always came through before. This time, things don’t have the same feel. Things could be kinda ‘down’ for a while, and many are panicked, pressured by the debt incurred while hoping for a safe and positive outcome.

A bleak forecast looms over our heads, with many falling by the wayside , too far to climb out, broken without remedy. But wait! Amidst all this gloom is REAL HOPE. You will still have to stop it with the extravagance, but you WILL be able to pay your debts and live within your means without going under.

To the first of the steps to getting out of debt, is to make a budget. Cut whatever you can cut and still live, and then cut some more. Eat at home. Do small things like remembering to turn off the lights when you leave a room. “A penny saved is a penny earned” is yet another famous saying.

Check everywhere a penny is spent, and even if it’s hard, if it’s possible, cut it out.

Go over your credit card debt with a fine tooth comb. Are there things on there that can be done away with? Cut them.

Just for laughs add up the interest on a credit card you have for a year, then divide it by twelve to see how much it translates into per month that you could be using for more necessary things.

The next step is to get on the horn with the creditors you owe. They will negotiate with you, contrary to what some may say. They want you to pay the debt off, so if by adjusting the terms they can achieve that, then it’s in their best interest as well as yours.

They are much more ready to help than people give them credit for. (I had to say that, pardon the pun)

But these are a couple of very good steps to getting out of debt. Make the list, then make the call, and you’re well on your way.