Debt management is one of the hardest thing that families face today and living in America seems to make it twice as hard. We live in a country where it is normal to live way beyond our means. There is temptation at every corner and hundreds of lenders fighting over us to lend us money.

Growing up I witnessed my parents and my grandparents pay for everything by cash. If they didn't have the money in their hand, they didn't buy it. What happened? Why did it change?

I think I know what happened, borrowing money got easier. Back in the day bankers were more cautious of lending to just anyone and when they did the interest rate tended to be high. Back in the eighties our government promoted spending and borrowing large amounts of money. The politicians said "it is good for the economy." Well we continue to spend money we don't have at an alarming rate with no end in sight.

But don't fret, if you are over your head in debt there is still time to eliminate and stop accumulating debt for good.

The first thing you must do is determine where all your money is going. Stop purchasing products that you don't need in order to make you feel better, in other words stop medicating your stressful life style by spending money. Come to terms with the fact that you only have so much to live on. I can't say this enough, stop wasting your money on things you don't need. After you have done that start putting the extra money toward your existing debt.

Besides stopping the spending there are a couple of other things you can do to free up some cash as well. Sell items that you don't use in a garage sale and/or take on a part time job. Now that you have stopped the spending and have found some extra income, start paying down your highest interest loan first. After you have paid that one off take all of your available money and put it toward your next loan. Keep doing this until you have paid off all of your debt. That means that you should apply all of your freed up money toward your mortgage as well.

If you really want to get out of debt apply the techniques that I wrote here and before you know it you will have enough money to get the items you need by paying cash. Just think how sweet it will be to know that you owe no one and the items you do possess are truly yours.