How To Get Out Of Debt — And Stay Out!

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    We love an occasional shopping spree...maybe a little too much, judging by the size of our last Visa bill. While spending like a high roller can be fun, actually being in debt is anything but. And, if you're like most people, you owe — big time. According to the Census Bureau, the median American household debt is a whopping $70,000. (Approximately $15,000 of that is from credit cards.)

    Okay, that's a lot of dough, but before we go any further, it's important to discern "good" debt from "bad." Typically, good debt includes school loans and mortgages, since both of those can be considered investments that can pay off in the future. Bad debt involves assets that go down in value. In other words, if you owe 25 grand, it's better to have a Ph.D than a flashy car to show for it.

    Whether your debt is good or bad, digging your way out is a smart and noble financial goal. That's why we've tapped former Wall Street guru Kelly P. Hernandez to reveal the debt-busting strategies that actually work, whether you owe $100, $1,000, $10,000, or more. The founder and CEO of Financechic.com, an independent personal finance site for women, Hernandez offers a life raft for those of us sinking in debt. Get ready to kick your bills to the curb — you may never stress about debt again.

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