Management of your debt and building wealth begins by understanding your current situation. One quick and easy measure of your financial situation is your “net worth” or the amount remaining after subtracting your personal liabilities (debts) from your personal assets. If that sounds a little technical, don’t be concerned: Making a calculation of your net worth is actually quite simple.

• First, make a list of your assets. Assets are those things of value you own such as your home, car and savings accounts. Beside each item write down the estimated value.
• Next, create another list of your liabilities. Liabilities are debt or obligations you owe such as a mortgage, car loan, credit cards (or existing debt consolidation loan) and other obligations.
• Now subtract your obligations from your assets. If your obligations are greater than your assets then you have a negative net worth. Use a spreadsheet program to record everything. Periodically update the worksheet and track your progress!

Make the right decisions when shopping for credit cards and other related financing options.

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• What Type of Credit is Right for You? - This article, provided by CitiFinancial, covers common types of consumer credit, such as installment loans (auto loan financing, mortgages), revolving credit (charge cards) and consumer leases (typically vehicles) and issues that you should take into consideration when choosing your financing options.
• Understanding Your Needs and the Fine Print of Credit Cards - Many Americans carry balances on their credit cards and pay interest on them every month. However, they often fail to take the time to evaluate and choose the right credit card based upon how they intend to use it. Don't be induced into choosing a charge card based strictly upon a rewards program or special incentive given to you for applying. A card chosen for the wrong reasons could cost you much more interest costs in the long run.
• Can't Afford It = Can't Buy It - A simple personal finance tip that reminds us that if you don't already have the money saved or available in your monthly budget… you should think about not making the purchase.
• Avoid Making the Mistake of Only Making Minimum Payments - The FDIC offers everyone a reminder about the importance of making more than minimum payments whenever possible. Avoiding to do so could cost you substantially in unnecessary interest costs when paying off credit card debts.

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