Getting Out Of Debt Overtakes Previous #1 New Year's Resolution

We all make and promptly break our New Year's resolutions.  The number of pounds lost and regained during the first week of the new year would rival Oprah's efforts, but there is a resolution that is gaining ground and it seems people are willing to do anything to reach their goals.  What is the top priority for 2011 with a growing number of Americans?  Becoming debt free. 

As with Oprah's efforts, you may not be able to completely get rid of all debt, but with a good plan and changing some bad habits, your odds of success are probably right up there with Miss Winfrey's ongoing battle to lose weight.

So what immediate steps can you take today to loosening the grips that debt have on your life?

To begin with, stop adding to your debt. Sounds too simple? Although credit cards are a great means to establishing credit, until you have your spending under control, stop using them. Cut them up, melt them down. Do whatever it takes to make them inaccessible. Consider them closed. Then start paying for everything you purchase either with cash, check, or your checking account debit card.

If a major purchase is wanted, and not necessarily needed, do what our older generations did and save for it. By the time you save for the big ticket item that you want so much, you may find you no longer desire it. If getting out of debt is really a priority, you could take that "saved" kitty and use it to pay off your credit card balance even faster.

Going green and going cash are where it's at.

Now that you've decided to switch your mindset and habits from credit to cash, the first thing to do is make a budget. It's not fun or sexy, but it is necessary to account for every dollar spent. List every expenditure that requires recurring payments: credit card, home mortgage, utilities, automobile, Dish, gym membership, children's music lessons. If you're computer savvy, use an Excel spreadsheet. If not, use a plain notebook. Every month when you pay off those bills, mark them as paid. But pay them first.

Then determine your other necessary expenses: food, gas, car maintenance, etc. Allow a small amount for entertainment. And any extra money left over at the end of the month should be put towards paying off credit cards or car loans.

No one ever said this will be easy, but with discipline, hard work, and persistence, you can be debt free sooner than you thought.

To find out how people like yourself are putting themselves in the position to retire without debt and live the lifestyle they design, visit http://retiredebtfreenow.com.