On the other hand, debt can be a two-edged sword. It can easily spiral out of control and turn into a living nightmare; a form of legalized slavery. Millions of consumers languish in debt slavery and don't see any relief in sight. Recent statistics from the Federal Reserve provide evidence of this, and are very revealing. According to the Federal Reserve:



* 43% of U.S. families spent more than they earned. For every dollar earned, they spent an average of $1.22.

* 13.9% of all disposable income goes to service overall debt.

* The average credit card holder held 6.5 credit cards.

* The average credit card interest rate was 13.54%.

* The average credit card debt for households with at least one credit card was $10,679.00.

Now consider: To pay off $10,679.00 on a credit card with a 13.54% interest rate, making minimum monthly payments of 4% of the balance, would take 13 years and 2 months - even if you never spent another penny on the credit card!

For these and other reasons, personal bankruptcies are on the increase, surging to more than 1 million filings in the United States in 2008.

Such statistics don't have to be true of you. You can achieve debt freedom and enjoy debt-free living - without extreme self-denial and deprivation - and never have to be enslaved by debt again.

If you face your debt problem head-on and deal with it wisely, you won't just reduce, consolidate, or manage your debt. You'll eliminate it - for good! And should you decide to cautiously use credit in the future, you'll be able to use it wisely, without letting it get out of hand.

It's well worth the effort to stamp out your debt for good! Consider just some of the benefits you can gain by doing so:

* Reduce or eliminate financial stress, hassles, and worries.

* Enjoy freedom and peace of mind from knowing that you own your possessions free and clear, and that bill collectors aren't harassing you.

* Keep more of your income, rather than pay it out to others in the form of interest on your debt.

* With more money available to save and invest, compound interest can work for you to build net worth, instead of working against you to keep you in debt slavery.

* Have more options available, instead of being enslaved by debt.

* Save money by being able to pay cash for purchases.

* Be better able to afford to buy things you want in the future.

* Greater financial stability helps reduce your risk from unforeseen financial emergencies.

* Improve your credit score and reduce your interest rates, should you decide to use credit again in the future.

* Eliminate a common cause of family friction.

Those are just some of the substantial benefits you can enjoy by erasing your debt. The sooner you face the problem and take action, the sooner you can start enjoying those benefits in your life!