Oprah's Great American Debt Diet
by author, Lois Center-Shabazz

Is it the debt or is it the American? Which is the real problem? Formany years I have promoted my anti-debt program, only to hear young woment tell me that "I will get out of debt as soon as I take a loanagainst my house". Taking a loan against your house is not debt payoff,it is debt replacement. The more you replace, the bigger your originaldebt will be. Become a real part of the Great American Debt Diet withOprah by adhering to my debt solutions I have promoted for years. Get out of debt and stay out of debt for real.

Why would anyone want to get out of debt and stay out of debt? Thereare many reasons. Even asking that question means that you probably havebeen encumbered with the media brainwashing that comes with great debt.The debt industry is the wealthiest industry in America. That meansthe more debt you get, the richer the debtor gets and the poorer you get.That is, you pay for debt, you pay alot to carry charges from month to month.

The average debt payment runs about 15% for charges. That is huge! You couldend up paying 20 times as much for a product than its original cost if you charge everything on debt payments. That is one reason why debt is bad. Another is that the more things you get on debt, the more difficult they are to pay for, due to compounding interest. This build up of debt causes excessive emotional stress, financial stress, and mental stress. This causes life as a normal person to be put on hold until you can figure out how to get out of debt, and the mind boggling stress it causes. Because you haveadapted the media presentation of debt or perhaps you were misguided bya well meaning relative, your debt keeps getting worse, and worse and worse.

Make up your mind, decide you have had enough misery for one life, and makespecific changes--- 1. Change your spending habits, 2. Change your living habits, 3. Do a total life style change, 4. Realize that things do not make you happy, especilly when they rob you of your peace of mind and emotional security, 5. Decide that you have had enough misery and you want to change your life forever. 6. Build real wealth with real money, using my "31 Commandments of Wealth Building"

The 31 Commandments of Wealth Building

"Study & learn low risk, low cost investing"
"Understand your company retirement"
"Decrease all unnecessary spending"
"Cut up most credit cards and pay mostly by cash; carry one card if you must"
"Use tax refunds to pay off excessive bills, place the remainder in savings"
"Use emergency funds for emergencies"
"Don't loan money & don't borrow money"
"Don't use debt, such as a home loan, to pay off debt"
"Understand that 'Homes Are For Living, Not For Loaning' "
"Working extra hours? Save it!"
"Shop thrift stores in rich areas"
"Buy merchandise on sale"
"Shop garage sales in nice areas"
"Use hobbies to make money"
"Don't allow others to steer you into debt"
"Purchase a home and car you can afford"
"Guard your financial privacy"
"Need money? Think extra weekend job"
"Avoid the interest payment trap"
"Fund your IRA account if self-employed"
"Obtain your credit report yearly"
"Keep a 30-day spending diary, to keep in touch with realistic spending"
"Study self-employment tax benefits if you are self-employed"
"Be honest in your tax deductions"
"Reduce stress by maintaining a budget"
"Tract spending when you shop"
"Teach your kids balanced spending"
"Teach your kids the value of work & money early"
"Don't sign a contract you and a professional have not read"
"Have an emergency? Go to your savings"
"Pay off bills early, pay extra to each bill, each month"

Lois Center-Shabazz is the editor of www.MsfinancialSavvy.com and the author of, Let's Get Financial Savvy! Sign up for her free eNews and receive a free eCourse, "How to Maintain Income In Bad Times and Good", http://www.msfinancialsavvy.com/register/member_benefits.php