I highly recommend that people get out of debt and stay out of debt, especially as the economy hits difficult times. It’s not a good position to be in if you lose your job while burdened with lots of debt. Better: become debt-free, with a good emergency fund and a small budget. That’s recession-proof personal finances.
Here’s how to get there in six steps:
1. Curtail spending. The first step is to stop the bleeding. If you’re trying to get out of a hole, you’ve got to stop digging first. So make the decision right now to not use your credit card except in emergencies. Cut back on your spending in any way you can.
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