CNN Money has a great series of articles titled Money 101. Lesson 9 is called Controlling Debt and has some very practical advice. Some highlights from the article that I found worthy of repeating:

• Pay off highest-rate debts first - this can’t be emphasized enough. Finance charges are what cripples people financially, not the initial debt!
• Don’t borrow (charge) things you don’t need - another good one that a lot of people don’t adhere to. Live within your means, as hard as it may be!
• There is such thing as good debt - things like a mortgage, paying for college and financing a car are okay.
• Get your credit reports regularly to make sure they’re accurate - poor and inaccurate credit scores have a huge impact on the interest rate you get for loans.

Like I said - the article was very practical. There are no magic tricks for controlling or getting out of debt. The bottom line is to buy what you can afford, and when that’s not possible, shop around for the best rates for any type of loan you’ll be getting for your expense.

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