Intense panic accompanied by stifled screams and helpless flailing is a monthly ritual for people drowning in debt.
As a cliché, it is, unfortunately, all too familiar. The Federal Reserve announced that as of June 2006, Americans are carrying more than $810 billion in revolving debt. That does not include mortgages and loans for such things as autos, mobile homes, education, boats, trailers or vacations.
But it's never too late to turn things around. First and foremost, be committed, says Howard Dvorkin, founder of Consolidated Credit Counseling Services Inc. and author of "Credit Hell: How to Dig Out of Debt."
| 5-step emergency plan |
| 1. | Establish your bearings. |
| 2. | Chart your path. |
| 3. | Put the plan into action -- the dreaded "B" word. |
| 4. | Pay your bills. |
| 5. | Add stability to your credit file. |
"People have to want to get out of debt. They aren't going to get out of debt just to get out of debt, they have to want it."
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