One of the great dangers of debt is the interest that accompanies it. Once you are in debt, you find that interest has no mercy. It never goes away until the debt is paid. Part of the problem with many people who go into debt is that they almost put themselves into a state of denial, thinking that the amount of debt they owe "isn't that big of a deal" or that somehow, if overlooked long enough, will simply go away. too many people have learned the hard way that debt doesn't work that way.

The first step in getting out of debt is to stop creating new debt. In other words, you must stop the bleeding! How do you do this? For those who are responsible enough to recognize if they have a real problem controlling credit card spending or consumer debt spending then you may have to take a drastic step by cutting up your credit cards. This step has literally saved many, many people's "financial lives." Make a demand on yourself that you will go on a strictly "cash only" spending program for the time being until you are better able to get a grasp on the reality of your spending habits.

 Another very simple way to stop creating new debt is to adopt the practice of every time you make a credit card purchase, log it in your check register just as you do your checks and debit transactions. Leave the space blank where the check number goes. Keep the balance in your check register current. When you reach a zero balance, stop spending until you receive income. When the credit card statement arrives, write one check, paying off the recent charges, and place that check’s number next to each credit card purchase that you have recorded in your check register. This strategy will be covered in greater detail later on.

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