3 Ways to Diminish Debt

Debt comes in many forms, but it generally leaves the same feeling to those in debt. And it's not a good one.

Car payments, mortgage payments and even the cost of a cup of coffee may be stretching you beyond your budget, but you can get yourself back on track financially. The road to getting out of debt requires a little organization, some patience and a lot of creativity.

1. Do some group therapy. Chances are you’re not the only person who’s trying to pay down debt. So, instead of going it alone, get your friends and family involved. You can run your group like a book club and assign reading such as Suze Orman’s Young, Fabulous and Broke or Dave Ramsey’s Total Money Makeover. If you are feeling ambitious, set it up as a seminar and invite financial pros to come talk to you. Although you can always rely on friends and associates to set you up with their financial guru, you may want to contact a professional organization such as the National Association of Personal Finance Advisors at 847-483-5400 or go to the Financial Planning Association to find one in your area.

A money group may sound a little like a 12-step program, but if you have a support network in place, you can trust your friends to keep you from backsliding.

2. Budget smarter. It may be convenient for you to buy a 50 ounce bottle of Tide (Stock Quote: PG) for $21.49 each month or a 20 oz. bottle of Palmolive (Stock Quote: CL) at $4. 98 every two weeks, but you can save $365.68 a year by making these products at home.