6 years ago, I went through a non-profit credit counselor to pay off $60K in cc debt.  I was expecting to be told I had to file for bankruptcy instead, but my income was just enough that I was informed I could pay off the debt in 5 years.  We ended up with no disposal income after the required payments, utility bills and mortgage.  Bought clothes from the clearance rack (the 75% off one), clipped coupons and ate mostly staples (like rice and beans) and food on sale.   Making my final payment last year was the happiest day of my life.  Now I continue the same spending habits I learned over those 5 years.  Life couldn't be better.

I've never had credit card problems, but it is hard to live within your means when the world around you seems to have it so much better (large house vs. my small condo; home theatre vs. my 25"; BMW vs. my Honda Civic).  Sometimes it doesn't feel like my college education and hard work matter.  There's no economic efficiency in being single, especially in terms of housing costs and disproportional taxation.  

To make myself feel better, I calculated (and now occasionally refresh) my net worth statement and keep a printed copy handy.

We live in a society where it's just short of a crime to be fat, so if we can't comfort ourselves with food, what do we do?  We shop!

To Richard in Tucson - based on your comment of keeping your "integrity intact" you may want to consider credit-counseling/debt management as a better alternative to debt settlement.  With debt management, you will pay off 100% of the prinicipal balance owed, which is feasible because your interest rates will be drastically reduced and alll credit card late fees and over the limit fees are waived.  Debt settlement is not quite as simple and can further damage your credit rating and has income tax implications.  There is a reputable non-profit credit counseling organization based in Arizona called Take Charge America.  It would at least to worth a phone call to check it out as an option.  Best of luck to you in the new year!

www.takechargeamerica.org

To the people who are blaming this and that.  Was the word accountablity ever used when you were learning?  You can not blame others for your actions.  If you fall into their speel and bull, you again sadly must turn to yourself as the culprit.   As a wise friend once told me no one can make you do something you di not want to do.  If you want to fall prey to the hool-la of advertisers and marketeers, hey you are what you do.

My marriage dissolved over this concept.  I wanted to eliminate the outrageous debt we had ($20K in credit cards plus car payment).   My husband went out and bought a big F350 Ford truck instead.  Told me I was controlling and that we were in better financial shape than most people.  How sad he put a truck before his wife, children, family. I just got fed up with the lack of respect.   How lucky for him he found a new wife who supports his "need" for material things.  I like things too, but I am happy to be in position where I am "debt free".  But what is worse???... my family broke and that is worse than any financial debt.   My ex is happy with his new wife and all the material things he now has since I said "no" (not until money  was saved up to buy for  - compromise for the 'no").  BTW, ex now works a part time job...in addition to the first job.. doesn't seem to mind though.     This whole live within your means is not an unreasonable expectation. It is IMO the right one!

I think debt is normal.  We're always in the process of owing and being owed to.  It's called faith...faith that all does work out for everyone's good.  Why deny yourself the nice things of life?  In the end, it's all molecules and figures on paper.

No, I did not live through the Great Depression but my parents did.  They gave me good habits by example: the almost total full monthly payment of credit cards with remarkably few exceptions (count on one hand), bargain buying (I did laugh at the black-letter groceries on a white background).  I did not know the whole story of what they had done until they had died.  Some of it was an act of God: Mom kept working ten years longer than planned because she had to wait for children.  But the rest of it was sheer intelligence and discipline.  It is an inspiration to me and a rescue for America.

If you need a plan to get out of debt, check out Dave Ramsey. People aren't kidding, it makes sense and it works. I can't praise it enough. I've lived with cc debt for 25 years, and this is the first time I really felt like I knew what I was doing to get it all straight.

About the credit card companies not giving card members any mercy, the only thing that makes sense to me is "because they can" and PROFIT and SHAREHOLDERS.  The dirty tricks.... "because they probably can get away with it for a while?"

I have closed 8 of my credit card accounts in the last two months.  I didn't even use a couple of them.  Just had them around "just in case".  It feels great to tell the cc companies that I don't need them anymore because I've taken control of my money.  My Father always told me that debt was bad, but it has become so accepted by everyone.  Dave Ramsey drives home some good points, the rest is just common sense if you run a few numbers!