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How to Get Out of Debt

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From Quick Guide: Credit Debt Guide

Summary: Getting out of debt involves a conscious decision to stop buying into advertising and marketing. Maintain discipline to get out of debt, and seek support from family with advice from a registered financial consultant in this free video on money management.

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By Patrick Munro
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Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more

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Video Transcript

"This is financial adviser Patrick Munro talking about how to get out of debt. Basically, getting out of debt involves a conscious decision to basically stop buying into the advertising and marketing that's being put upon you by major governmental agencies and Corporate America as well. You literally have to say to yourself you're happy with what you have, and going forward from that point, you will start putting money away and paying down debt, but not going back into future debt. This is a function of time, depending on how much debt you do have, and you have to be very, very disciplined in order to not go back into credit card debt along the way. It can be done. It usually requires some support of friends and family, and because it's very difficult. It's kind of like stopping smoking. You may say that you want to stop smoking, but with support, you can get it done. This is Patrick Munro, financial adviser, talking about the best ways to get out of debt."

eHow Article: How to Get Out of Debt

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