It is clear that the first step to curing our debt problem is by acknowledging it. Our financial condition is bad when we fail to meet our living expenses. Credit should be intended to allow us to live above our income. It means that we need to meet all of our essential living expenses. Any non-essential expenses should be eradicated, so we have enough money to deal pay the debt directly. In any case, we should avoid turning to credit to live above our income. This could result in an actual financial disaster. Essential monthly bills, such as phone, electricity and others should be the first priority.

Our problem could be quite significant if our regular credit card payments are already equal to about 15 percent of our monthly income. An important factor in our credit management is our income to debt ratio. It means that the higher the ratio, the better our financial condition is. People who don’t have debt in their balances should be able to put some money in savings account, provided that they are able to eliminate any non-essential expense. The penalties and interest rates related to debt ownership could be quite huge. There are multiple fees that we need to pay, such as over limit fees and late fees.

Once we realize our problem, it is important for us to look for the effective cure. If symptoms of debt problems have significantly affected us, then we already fall victim to debt disease. It is the right time for us to take control of our lives. It is important to immediately fix our problems. Eventually, we will be much happier, regardless of our situations. The end to our financial struggle could be within sight and great burden can be taken from our shoulder. We should start to have some sacrifices as the beginning of our treatment. It is not too late to fully take control of our finances and make the actual commitment to have a life free of debt.

In general we should be able to identify any overspending and then eradicate it. By having proper budget, it is possible for us to identify where our money goes. Spending should be tracked whenever possible for specific period of time. All unnecessary expenses should be eliminated whenever possible. It is possible for us to develop the proper plan to become completely debt free. We may need to find professionals that can help us with proper self help plans. We need to have consistent monthly commitment, until we are able to completely pay off our debt. Creating a household budget is always essential.

In this case, living expenses should be brought within our income. In general, we should live within our means. There are different methods that we can choose and we should choose the one that could work for our situation. In general, we should look for the most effective one and then try to stick to it. Proper lifestyle changes can be implemented and we should look for ways to effectively pay down our debts. The sooner we are able to eliminate debt, the sooner we are able to make enough money.

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