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February 20th, 2010
10:33 PM ET

First Step to Getting out of Debt

Financial planner Karen Lee suggests the first step to getting out of debt is understanding your relationship with money.

She also offers advice for those facing foreclosure and mounting student loan debt.


Filed under: CNN Newsroom • Fredricka Whitfield
soundoff (3 Responses)
  1. Christina

    All this advice is good advice, IF, everyone had steady sustainable income. It is easy for all these financial planners to tell everyone how to get out of debt and how to save for retirement and how to invest but some of us are going into debt trying to just put food on the table BECAUSE of the economy and how it has affected our jobs, incomes, and future income. Going to school may be the only way to get into a new career that can eventually put us back in the game. In my case with my reduced and limited income, school loans are helping me to not become homeless and feed my kids. The best thing financial planners can help us with not is how to get into jobs that can get us to a position that we have enough money to live, save, and survive. I worked for 25 years for my company and in the flip of a switch it was gone....no one can be prepared for that, not these days.

    February 20, 2010 at 10:49 pm |
  2. sue scott

    live within your means...don't accept the signature loans the banks are tryihng to get you to take because the government wants you to use stimulouse money....really lousey idea..
    susie
    ewa beach,HI

    February 21, 2010 at 3:28 am |
  3. Eric Bressler

    What a refreshing take on chronic financial problems. Non-judgmental and understanding.

    February 21, 2010 at 4:56 pm |