Debt is at an all time high in this country right now and some of that can be blamed on the economy. But if you have prepared for the future on a regular basis, you should be able to weather almost any storm. We have gone through a time of easy credit and now we are paying for that with high credit card balances. Many people have already made changes to the way they manage their money, but there are people that are confused about what to do next.

Here are a few simple steps that will get you on the road towards financial stability:

1. Keep track of your debts. Know how much you owe and who you owe it to as well as when your payments are due. Use a debt calculator to give yourself an idea of when you will be out of debt.

2. Keep a journal of what you are spending. This is a tool that is going to help you locate areas where you can reduce your spending, so there will be additional money for debt repayment.

3. If you are going to repay your debt with a debt management service, contact your lenders and ask them to lower your interest rate. Don't take no for an answer.

4. If you don't need it or use it sell it. If you have high ticket items, this will go a long way in paying off debt.

5. Be creative about finding ways to make extra money. This can be as simple as working extra shifts or as creative as starting a business that does not require start-up capital. Dog walking and babysitting are great options. The internet also offers many freelance opportunities.

6. If you are overwhelmed or confused about a plan for getting out of debt, contact a consumer credit counseling company.

This plan is simple and straightforward. If you have the dedication and the willingness to make the necessary lifestyle changes, you will be debt-free before you know it.