I am finally going to ... Get out of debt
Compiled by Dani M. Arthur • Bankrate.com

Is your budget consumed with high credit card balances? You're not alone. Estimates vary, but the Federal Reserve Board says the average household has $8,000 in revolving debt, most of it in credit cards.

Unfortunately, keeping up with the Joneses also means keeping up with Visa, MasterCard and Discovery bills, plus juggling housing and vehicle expenses. If you spend more than you earn and make up the difference by charging, you're in trouble. It's time to tackle your debt problems head on.

Make this the year you loosen the yoke of debt. Here are five steps to get you heading toward financial freedom.

• Create a spending plan
• Plan a debt pay-off strategy
• Develop good money habits
• Slash everyday expenses
• Build an emergency fund

Illustrations by Brandy Kesl.