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Debt works a lot like this ninja cat. It creeps up slow and steady. And until it pounces, you have no idea you're in over your head.
According to a study conducted in July, younger generations are not faring well when it comes to debt. Of those carrying a credit card, one in three are over $10,000 in debt. At first the use is recreational and easy to pay off. But then it becomes habit, and it's easy to use that card every where you go. The more you use the card, the more you spend until suddenly, you've accumulated $10,000 in debt and you have no idea how you got there.
Rule number one to reducing debt: Stop spending.
You'll never reduce your debt unless you can find a way to stop relying on your credit cards to meet your monthly expenses. You'll have to learn to live below your means.
Reducing your debt requires commitment and a plan. You can tackle the approach many different ways, some we've talked about before. But, the key is that you have to find a way to stick to it.
So, what methods have you used to get out of debt? Did your debt sneak up on you like cat? Or were you aware and just in a place where you couldn't stop spending? [On Wall Street]