Saturday, April 08, 2006

The Oprah Debt Diet

My wife told me about an episode of Oprah this past week that focused on getting out of debt. Since most Americans are now carrying some type of debt whether it's credit card debt or mortgage debt, I thought it would be a good idea to explore her website to find out exactly what the Oprah Debt Diet is about. There are two phases to the Debt Diet, and today, I am going to focus on the First Phase.

The first phase consists of four steps:
  1. How much debt do you really have? You can't put together a plan without first knowing how much money you really owe.
  2. Track Your Spending and Find Extra Money to Pay Down Debt - Once you figure out where all your money is actually going, you can start to figure out a plan on how to find extra money to use for debt relief.
  3. Learn to Play the Credit Card Game - Learn the techniques to pay off balances quicker.
  4. Stop Spending - Duh! But, it's amazing how many of us still do even when we think we aren't.
Tomorrow, I'll share Phase Two. Until then, make it a great day!

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