My Personal Debt Advice

Been there, done that.

I got married at age 21 and my wife is a type 1 diabetic so you could probably imagine I've had my share of debt problems, mostly stemming from medical bills.

I'm retired now and write books to supplement my social security and believe me, the health bills continue to be there.

One of the biggest pieces of advice I can give you is this . . . No matter how deep in debt you go, never tap into your IRA or other retirement fund to pay those debts. NEVER.

I did it several times and did not have those funds when I retired. That was one of the biggest financial mistakes I ever made. Don't make the same mistake.

No matter what you have to do, do it. Bite the bullet and work out payment plans or something. I have a lot of advice to help you on this site. But retirement planning is important so somehow put something into your account each month and never ever tap into it until you retire.

I would also advise you to claim no deductions at work. It's forced savings and will give you money back each year at tax time. I got into a habit my last five working years of also having an additional $25 taken out of each check.

Then when you get the money back, use it wisely to try to pay down your debts.

It's not easy to get out of debt but you can do it if you work at it.