What Is A Debt Diet And How It Can Work For You

The 'debt diet' is a new phrase that has entered the conscious lexicon of the American vocabulary in recent years. We have in fact witnessed the birth of not only a new terminology - but indeed a new way of thinking about how it is we as consumers can best or at least better reduce our intake of debt and shed debt. To be perfectly clear, the rising debt burden facing consumers not only in America today but worldwide has reached epic proportions. The situation has caused many to weep for the future.

Origins

The origins of debt as we know it today can be traced back to the 1950's when the first credit card was introduced to a lucky few in America. It ushered in a new way of conducting business, commerce and consumerism in general - buy now and pay later. What could be better, or so we thought. In actuality what was unleashed upon the unsuspecting masses was a new indentured reality. Millions indeed have become slaves to the plastic they own in their wallets, purses and shoes due to the large dollar amount that is now owed to the credit card issuers, "the man" as it were.

What can be done about these truly shocking turn of events? Much in fact can be done. You see, the debt diet is a new way for better managing and paying down and paying off of debt not just from plastic but from other sources as well. We are referring to such financial obligation as can payments, mortgage payments, utilities, and monies owed to other nefarious characters such as loan sharks and even worse - family. The key to setting yourself free from debt today is believing that you and you alone have the power to change your circumstances. You alone can right your sinking financial ship. You alone can release the financial Kraken that has been hounding you for many years of your life.

The debt diet is many things, but essentially at its heart it involves accounting for all income and expenses meticulously, determining what the unnecessary expenses are that are draining your bank accounts and paying down your debt above and beyond the minimum monthly payments each month. Also, the debt diet espouses that we all make every effort to live within our means and avoid keeping up with the Jones - because most likely the Jones themselves might have a home that's underwater, they may have stopped making their mortgage payments altogether, and they may even be contemplating bankruptcy. So to heck with keeping up with the Jones. It is by following a strict debt diet that we are then able to shed debt in our lives.