The number one cause of debt in America is spending. There are some people that have fallen into debt because of medical problems or accidents, but most of this country is struggling because of personal decisions. There is a simple way to correct this problem – stop spending.
For the next thirty days (or more if you can do it or have a deep debt hole) commit to not spending a single extra dollar. Do pay your current debts (mortgage, car or credit card payments). Do pay your utilities and other necessities (like insurance premiums). Do set aside a limited amount of money for groceries and gas.
Everything else that might be paid out in a month you should put on hold. Temporarily postpone your cable, memberships and subscriptions (if you pay monthly). Commit to putting your credit and debit cards away for the fasting time and even freeze them in a container of water if you think you might be tempted.
At the end of your time away from spending, you will find that you have more money than you have ever had at the end of a month. You will also find that you survived without having to get those new shoes or go out to dinner or going to see the new movie release.
Use this fast from spending to help develop more controlled spending habits. With the right attitude and the right plan you will be able to pay off your debts in full in no time flat.