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In February 2006, Oprah Winfrey challenged her television viewers and all
other Americans to get out of debt. If you are currently suffering from debt
than you know that it is difficult to overcome. That is why Oprah and a number
of financial experts developed the Oprah Debt Diet.

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Oprah's Debt Diet includes a step-by-step guide on overcoming debt. It is
important to note that getting out of debt will not happen over night. That is
why Oprah's step-by-step guide is important because it helps debt ridden
individuals change their daily habits over time. If you are currently searching
for a way out of debt you are encouraged to read on and learn a few of the steps
in Oprah's Debt Diet.

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Step # 1 - Determine Exactly How Much Debt You Have

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This first step is extremely important because it is impossible to get
completely out of debt if you are unaware of all of your debt. The easiest way
to determine how much debt you owe is by collecting all of your current and
overdue bills or by requesting a copy of your credit report. Your credit report
can easily be obtained from one of the three main credit bureaus, Experian,
TransUnion, and Equifax.

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Step #2 - Eliminate Unnecessary Expenses

- Stop accumulating bad debt. Whatever you purchase via credit cards must be paid off in full at the end of each month. No exceptions Make a list of all your consumer (bad) debts. This includes each credit card, car loans, personal loans, overdraft accounts and any other bad debts you have acquired

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Like many other Americans, it is likely that you grab a soda or coffee while
at work. Those items are expensive and they quickly add up. Did you know that
simply by eliminating unnecessary purchases you could get out of debt a lot
quicker than you may have originally thought? Tracking all of your purchases for
one week is a great way to know what items you can live without purchasing.

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Step #3 - Learn About the Credit Cards You Have

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Many Americans are falling victim to late fees, annual fees, and high
interest rates without even knowing it. The best way to prevent credit card debt
is by knowing how your credit card works. It is also important to know that
minimum payments may sound great, but in reality they are a financial death trap
because they only keep you in debt longer. If you successfully follow step 2,
you could use your extra money to make more than the minimum payments each
month.

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Step #4 - Learn to Cut Back on Your Spending Habits

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Step 2 mentioned eliminating unnecessary purchases. Eliminating unnecessary
purchases is a great way to get out of debt, but it can be difficult to do.
Individuals who are unable to control their spending habits are encouraged to
not carry credit or debit cards with them. If a credit card is used, it is
important to make the payments on time and pay as much of it as you can. It is
also important not to obtain new credit cards during this time or accept offers
of increased spending limits.

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Step # 5 - Develop a Monthly Spending Plan

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A monthly spending plan, also commonly referred to as budget, is a great way
to allocate money to necessary expenses. A monthly budget is the best because it
can include holidays, birthdays, and other special events that only occur during
certain months. Your budget should include all housing costs and expenses,
transportation expenses, other miscellaneous expenses, and the debt that you
owe.

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Step #6 - Develop Ways to Increase Your Income

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When developing a budget, there are many Americans who realize that they do
not make enough money to pay for all of their expenses and debt. If you are one
of those individuals then you may want to consider finding ways to obtain extra
income. Extra income does not necessarily mean having to get a second job. It
can also mean altering your lifestyle. The Debt Diet recommends going without a
vehicle if possible and relocating if your current home expenses are too
high.

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Step #7 - Develop a Customized Plan to Get Rid of Your
Debt

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A customized plan can be developed simply by prioritizing your debt. This
means that you will examine all of your debt and determine which debt you need
to pay off first. The date of the debt, how much it is, and what can happen if
you don't pay it should be examined when deciding what or who to payoff first.

Bad Card Credit Credit People Step #8 - Determine Why You Spend Money and Try to Change
It

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Many unnecessary purchases are made when individuals are feeling angry or
depressed. It is also possible that you are an impulse buyer or that you may
have a shopping addiction. Whatever the reason for your unnecessary purchases,
there are ways to change it. Sometimes this process may require professional
help, but other times it can simply be cured with other activities.

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Oprah's Debt Diet worked for the guests on her show and there is no reason
why it cannot work for you. As previously mentioned, getting out of debt is
difficult and it will not happen over night. If you sway away from any of the
above mentioned steps do not give up. Try as many times as it may take. Once you
make the steps of the Oprah Debt Diet a part of your daily routine you will be
on your way to being debt free.

Bad Credit Equity Home Loan Shelly Lowery is a successful writer with an interest in celebrities like Oprah Winfrey. She demonstrates the power of Oprah's Favorite Things list each year on the holiday shopping season. See her report on what products made the list on Oprah's Favorite Things for 2005, 2004, 2003, and 2002.

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