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To take control of your finances, getting out of debt is a smart way to not only have financial freedom, but to also have financial stability during these unstable times with the economy. According to MSN Money, here is where America is right now in terms of debt:

• About 43% of American families spend more than they earn each year.
• Average households carry some $8,000 in credit card debt.
• Personal bankruptcies have doubled in the past decade.

These facts are scary, and changing your financial situation is a proactive way to ensure that you and your family become one less negative statistic. To begin your financial change, here are a few steps to get your started on the road to a debt-free life:

• Analyze your spending. Keep track of every purchase, basically anytime you pay for something with cash, credit, or check, write it down. Take note of where your money actually goes.
• Make a budget that you can live with. Making a budget means that you are cutting back on the areas of spending that are not necessary. The ultimate goal here is to take home more money than you spend each month. Be realistic and know that cutting corners now will pay off in the long run. Click here to learn more about budgeting.

From this point, you may ask, how do I pay off my credit card debt? Here are a few steps that can help you to manage your credit card debt.

• Figure out how much you owe.
• Know what the minimum payment is for each credit card and calculate how much you can afford to pay over the minimum.
• Consolidate your debt if possible.

To find out more information on these steps or for questions about debt management, shout back at us or give us a call at 817. 273.5900.

What changes are you making this year to get out of debt? Shout back at us and tell us about your goals, your hopes and your dreams for 2009.

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