by Judy Mosca

Created on: June 22, 2008

Debt has woven its way into the very fabric of our lives. It's if debt has disguised itself to be something good instead of revealing itself as the trap that it really is. For a time we feel good about ourselves and certainly we appear affluent and successful to the world.

Over the years, we as consumers have been afforded many more opportunities to acquire possessions and to visit places we only dreamed of. Most likely we began the debt cycle with a car loan. Then of course we bought a house. After all, it is a good investment. So far, so good.

However not long after credit cards entered the scene. Personal loans were fast becoming a thing of the past. When we first began using credit cards, we did so sparingly, often times paying the balance in full at the time we received the statement. At some point we began purchasing larger ticket items believing we could make the monthly payments.

Unlike the generations before us who saved until they had the money in hand, we discovered we could have a lot more and have it now. Our attitude in recent years is that nothing is out of reach. We can have what we want, go where we want, all without waiting. All we need is credit in some form or another.

We have become so accustomed to using plastic, I believe we are not even consciously aware that its use represents money. Money that isn't ours but borrowed. Before we even know it, so to speak, we can find ourselves deep in debt. Debt that will take years to pay off costing us hundreds, if not thousands of dollars in interest. And should some unforeseen adversity visit us, we can find ourselves on the brink of financial ruin.

Obviously, if we are already caught up in the trap of debt, regardless of the amount, a plan needs to be implemented that will lead to debt freedom. There are many resources available giving tips and ideas on how to do this. Plans are relatively simple to follow but will need determined discipline to achieve the goal.

However, the bigger battle to overcome is how are we going to stop borrowing from any source bringing an end to the debt cycle. The first step is realizing that our debt has become part of our established life style. Changing the life style has to start with changing the mindset.

We can say to ourselves we won't use the cards or take out any more loans but their use has become such a habit that it will not be easily broken. It is going to take more than that. So where do we start?

We start by admitting and taking responsibility for our actions.

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