When you have overspent for the last three or four years, chances are it would eventually catch up with you. You may go through bill consolidation loans, loans from parents, and equity loans. Still you might find yourselves unable to pay the bills again. Added to that, you may also have overdue credit card bills, but still are using credit cards just to live month by month. How do you get out of this mess?
One of the simplest economic principles ever written: "If you don't borrow money, you can't get into debt" The second simplest economic principle is, "If you don't borrow any more money, you can't get further into debt"
Read more: Start Getting Out of Debt Now