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Debt. At some point in our lives everyone has it in one form or another be it a student loan, a mortgage, an auto loan or a credit card. What many don't understand is that debt does not have to be the evil four-letter word that causes sleepless nights and generates countless arguments. It can be managed. You can control it. And yesif you are suffering from an overwhelming amount of debt, you can get out from under the weight and eliminate the stress it causes.

For many, debt has become a juggling act. Payments are made regularly without late or over-limit fees being tacked on, interest rates could be better but are not outrageous, income is stable and everything appears to be working just fine. Except for one tiny problemthe debt never seems to disappear.

Whether you turn on the television, open the newspaper or browse on the internet, you are bound to run into a "get-out-of-debt-fast" tagline that promises you fast results with little to no work on your end. Some of these advertisements promise relief through filing bankruptcy. Some offer a debt management solution granting you one monthly payment with reduced interest rates getting you out of debt in five years or less. Still others urge you to obtain a low interest loan (often a home equity loan) to pay off the higher interest rate credit cards thereby securing otherwise unsecured debt.

All of these examples are valid and effective in eliminating debt within a short period of time reducing the overall cost in interest rates and fees given a certain set of variables. One thing to remember is that there is no "cookie-cutter" solution to debt. What works well for one may be a tragedy for another. Before making any decision it is best to err on the side of caution.

It goes without saying that the first step is to stop using credit. Cut up your cards, lock them in a drawer, forget that you even have them. For travel arrangements, rental agencies and hotels often require a credit card for reservations but when the time comes to pay the bill, I have yet to go anywhere that doesn't accept cash.

Know where you stand with your credit. This can be done by obtaining your credit reports from the three credit bureaus: Equifax, Experian and Trans Union. Not every creditor uses the same reporting bureau so it is important to obtain all three. Ordering is easy and free once every 12 months. For more information on how to obtain your free reports you may visit the FTC's website: http://www.ftc.gov/freereports . Once received,

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