The third step towards getting out of debt is to increase monthly payments. Paying more than minimum payment applies more money towards balance and costs an individual less in interest over long run. Adding even five additional dollars per payment can reduce number of payments made of a loan or credit card. Reducing number of payments made decreases amount a person pays in interest and fees.

Additional debt management strategies include seeking help from a debt consolidation agency, refinancing, or applying for a loan. When a person has several high interest loans, high interest bills, or higher interest credit cards, they pay more money for things they bought than those things were actually worth. High interest rates slow down dent made in principle owed, and can add years to repayment. Sometimes, one loan can be achieved at a reasonable interest rate, and can be applied to other debts. This reduces amount of monthly payments made, and decreases dollars each month spent vainly on interest.

Getting out of debt can be a life goal, or it can be a goal achieved daily through little steps. Debt can be manageable, but a person must be hands-on about their financial health. A hands-on, educated approach decreases confusion and increases speed at which debt dwindles and savings increase.

For starters, get financial knowledge that we so desperately need to stop growing cycle of debt building, and start eliminating troublesome debts that consume our paychecks month after month. Fortunately, this knowledge is not that hard for us to find, if we know where to look. There are non-profit organizations advertising on television and radio that are devoted to helping people consolidate there debts, and this is a start. Other sources require a purchase of there educational media or encourage membership in their organization for a nominal fee, and information provided can be more than worth small investments if teachings are taken seriously and applied to one's real life budget.

Maybe solution is literally as simple as way one teacher on subject puts it: "If you don't want to make hole that you've dug for yourself any bigger, then stop digging!" Sure, this may mean having to do without some of latest technological gadgets, or having to discipline yourself into putting a small amount of monthly paycheck into a savings account. But, any step that will allow us to keep more of money we've worked so hard for is a step in right direction. Then, comes focus on eliminating burdensome debts that are already weighing us down. And, it may take awhile. But, isn't freedom to do what we want with our money worth effort and time?

After freeing ourselves from obligations to creditors and banks, money once spent on debts needs to go somewhere. Maybe it's now time to consider investing this money into stocks or real estate or, possibly, even a business that in time will generate a positive return on our money. This, too, will require some education into what and how of making wise investments. But, information is as readily at hand for those who are ready as solutions to relieving debt.

Then, comes need to assure ourselves that we won't fall back into monthly drag of giving away our money to advertisers that so diligently entice our attention. Resisting urge to buy into costly items is one way of dealing with this. But, in a land of prosperity such as ours, is it really necessary to live frugally? There may be yet another way. How about buying assets that will generate an income that we can then spend on these desired possessions?

Not necessarily a novel or new concept, but.... How many of us struggling monthly with debts ever considered possibility that we really have opportunity to reach this point? Regardless our present status in life, what can we really achieve with just a little awareness, thoughtful planning, and knowledge of what to do and when to do it? For those who are seriously looking, there is a way out of debt. And, though each person's situation may be slightly different, steps that are outline above have been used and proven to be effective by countless individuals who live financially happy lives. Just check out their ads!

Joseph T Farkasdi is the President of JtseF, Inc. and is a member of the Financial Freedom Society. He is an entrepreneur who is committed to helping others achieve the financial lifestyle they desire. For more information on eliminating debt, visit http://www.jtsef.com/financial.htm .

GettingOutOfDebt@jtsef.com