Many people are wondering "how do I get rid of debt" these days.
The fact is during the past 15 years, money was easy and times were good.
Even after 9/11 and the stock market crash, people were able to borrow money because their home prices kept going up.
Now we have a situation where many people are underwater on their mortgages and up to their ears in other kinds of debt.
Add to this a worsening economy where people wonder whether their next paycheck will actually come through, and you have a very stressful situation.
The first step for getting out of debt is to assess the situation.
Figure out whether you really do have the means to pay any or all of your debts.
Prioritize the debts that you do have.
Secured debts, such as your house or car, are probably most important because your creditors can seize these assets.
Credit cards and other unsecured debt is less important.
Next, you should see if you can negotiate down any of the debt.
If a creditor is concerned that you won't pay at all, they may be willing to let you pay a lesser amount.
For instance, in a typical credit card negotiated reduction, people pay 75 cents on the dollar owed.
If things are truly bad, you may have to consider bankruptcy.
While the bankruptcy code is in flux as Congress considers new legislation, the process is meant to give people a fresh start.
These are some answers to the question "how do I get rid of debt?"