Tips for Getting Out of Debt Without Resorting to a Home Equity Loan or Mortgage Refinance

I'm going to say three words that will likely send you away from this article screaming: ESTABLISH A BUDGET. There's no way around it. Even credit card consolidation companies tell you it's the first thing you have to do. You can't do anything until you have a clear picture of how much income you're bringing in versus how much you're spending.

Take one month and write down all your expenses. Save receipts if you have to, but keep meticulous track of everything you spend money that month. Even just as a one-time experiment, you can learn how to cut 20% or more of bad spending from your budget. You'll be surprised how little things like ATM transaction fees, convenience store purchases or fast food/restaurant trips cost you over the course of month. Also consider the need for monthly bills like a Netflix subscription, online gaming, or extra cable channels you rarely watch. Just like your viewing habits, also take a look at whether you really need extra Internet services like AOL as an add-on to your current ISP. And, avoid joining monthly subscription websites - even the really fun ones. There are almost always alternative forms of entertainment that cost less. $10 a month here, $15 a month there, when you add it all up it really soaks up your income. Once you honestly examine your monthly expenditures, it's a guaranteed bet you'll find plenty of things you can give up to find "extra money" to pay off your debts.