Getting out of Debt:Step One

Step one of getting of debt is (insert drumroll here) ASSUMING RESPONSIBILITY FOR THE DEBT.

Which is NOT the same as "Admitting you are in debt", or "Accepting the fact that you are in debt".

Of course, you have to admit and accept the fact that you are in debt before you can assume responsibility, but those two things to not necessarily mean you will do anything about it. I admitted I was in debt years and years ago and I accepted the fact that I was in debt for just about as long. It wasn't until I assumed responsibility of my debts that I started making changes in my life in order to kick the debt out.

Assuming responsibility for your debts means that you understand WHY you are in debt in the first place. Of course, it is because you spent more than earned, but WHY did you spend and WHAT were you spending on? Keeping up with the "in" crowd? Overcompensating by buying things for children or spouses? Deciding you "Deserved" or "needed" new clothing all the time, dinners out, movies, concerts, travel, etc?

Assuming responsibility means that you are logically looking at what you have done to yourself and are acknowledging that other steps must happen in order to break the cycle that you have started for yourself. It also means that you are realizing your own shortcomings and placing the blame exactly where it belongs - on yourself. Not the Ad Campaigns, Department Stores or Credit Card companies.

If you do not know WHY you are in debt and WHAT you bought that put you there in the first place, you are not going to be able to change anything.