Real Life Example Of Debt Overload

In a recent story, the NYTimes profiled a couple with an income of about $66,000 and a debt load of $183,802, $22,228 of which was credit card debt. The couple spends about 6-10% of their take-home pay on finance charges (depending on their tax-bracket). Combined with normal monthly expenses, their debt makes it virtually impossible for them to save any money.

If this situation reminds you of your own, take some time to determine if you have too much debt. Should you decide to start paying off some of your debt, it's best to make a get-out-of-debt plan.