For the average American family, debt, and especially credit card debt is spiraling out of control at a record pace. The average household credit card debt has risen dramatically from $3000 in 1990 to over $8000 today. Personal bankruptcies are also at an all time high, prompting Congress to consider a radical bankruptcy law overhaul, designed to weed out those who are merely taking advantage of the system loopholes while directing many to more palliative alternatives such as a debt management program.

Of course some debts are considered necessary and indeed wise choices. For instance, few if any could afford a house if we had to wait until we could buy it outright. Generally speaking, a home is an asset that, over time, appreciates in value. Another debt that