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" After making many financial mistakes, David Bakke managed to dig himself out of $30,000 in credit card debt. He now blogs on Money Crashers Personal Finance, sharing his story and helping others better manage their money. With student debt at an all-time high, housing foreclosures still a reality and many families struggling to make even their minimum monthly credit card payment, the story of Americans drowning in debt is played out all too often. My story of recovery from $30,000 in personal debt is probably not too different from the stories of your family and friends, or even your own. It may not be something I&amp;#039;m proud of, but now that I&amp;#039;ve moved on and am living a financially successful life, it does have a happy ending. For those of you out there living with debt, understand two things: First, you can beat back your debt. Second, you must beat back your debt if you ever plan to retire or enjoy any measure of financial success. How It Started I racked up the majority of my credit card debt during college. I signed up for my first student credit card when I was far too immature to handle its responsibilities, and I paid the price for it. Once I maxed out my first card, I just signed up for more. Before I knew it, I had several balances to deal with. By maintaining the minimum payments on all of them, I was able to keep spending away. I ate at expensive restaurants, impressed my friends with the newest electronic gadgets and I wined and dined women to no end. Those were happy times, but I had no idea what I was in for. How It All Ended As typically happens with any bad habit or addiction, one day my whole house of cards came crashing down. I could no longer keep up with my monthly minimum payments, and one by one, my credit cards were closed for either non-payment or being over the limit. During this time I was in school, and thankfully my parents financed my education. However, by the time I graduated, I had a combined total debt of close to $30,000 and every credit card company wanted its money back. I was at my wits&amp;#039; end. The Recovery I finally woke up. My parents caught wind of my financial situation and told me that I had to clean it up. With that kick in the pants, I immediately got to work. I slashed personal purchases down to things that I actually needed and nothing more. I clipped coupons to save on groceries. I installed CFL light bulbs and adjusted my thermostat and shaved close to 20% off my home energy bill. I got rid of my home telephone service and saved even more. I cut back on my cell phone plan and cable TV channel package and cut costs there as well. I busted my tail at my job to qualify for more sales bonuses and other incentives. As a result of the all-out assault on my debts, I was able to dig myself out of that mess in just under three years. Final Thoughts The spending choices you make in your daily life have a significant effect on your overall finances. If you think that carrying an acceptable amount of credit card debt is OK, you&amp;#039;re wrong. Every penny you send in to the banks for interest payments is wasted money and nothing more. No matter your financial situation, you must do everything you can to eliminate your credit card balances and commit to never having them again. How much debt are you currently carrying? "^^<http://www.w3.org/2001/XMLSchema#string>
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