I wrote a book several years ago titled "Free Yourself From Student Loan Debt". In researching the book I had to do some real digging on the impact of debt . . . most of it negative. Sure, some debt is good. “Good” debt - things like college loans, business loans, or even a loan to buy a home to live in or a car to drive around in - if managed wisely - - can all be considered good debt. On the other hand, paying more than you can afford for a home or a car; or racking up big-time credit card debt on things you could live without are all signs of bad debt. And make no mistake, eliminating bad debt is job one if you want to create wealth by investing in real estate, the stock market, or other wealth creating opportunities. The bad news is that, if you are like many people in the Unites States, you may be up to your ears in debt. In fact, US consumer debt has reached staggering levels after more than doubling over the past 10 years. According to recent figures from the Federal Reserve Board, consumer debt hit $1.98 trillion in 2003, up from $1.5 trillion in 2000. This figure, representing credit card and car loan debt, but excluding mortgages, translates into approximately $18,700 per US household. Outstanding consumer credit, including mortgage and other debt, reached $9.3 trillion in 2003, representing an increase from $7 trillion in January 2000. The total credit card debt alone stands at $735 billion, with the household card debt of those who carry balances estimated to average $12,000. According to CNNMoney, consumer spending accounts for some 70 percent of the U.S. gross domestic product. “So the world economy is leveraged to the U.S. consumer. And the U.S. consumer is leveraged to the hilt,” states the CNN web site. When you're talking about tackling and managing your money, the first thing you're really talking about is avoiding lifestyle-crippling debt. A good analogy comes from the movie “Apollo 13” with Tom Hanks. Kevin Bacon, and Ed Harris. Fine actors, all. But it's Harris who has the best line in the film. Faced with a potential catastrophe up in space with a banged-up space capsule that might not survive re-entry into the earth's atmosphere. Harris - as the NASA commander - is the guy who has to solve the problem and bring the astronauts' home safely. Turning to his team, Harris gives them their marching orders and says point-blank “remember, failure is not an option”. Failure is not an option when it comes to your financial future. Let's look at reality. The more debt you accumulate (and don't pay off) the smaller the mortgage you're likely to get when you buy a home - even though you already own one. Or, the smaller the loan you'll get to buy a new car. Or how about your career? Many companies now rely on credit reports to hone in on your character when you're applying for a job. If they see a heavy debt load, that's a big red flag. Hiring managers reason that if you're not reliable enough to pay your debts, you're not reliable enough to come work for them. Face it. Bad debt can get very expensive after a failed loan payment effort and the ensuing nasty credit rating you'll get. That will impact everything that happens to you financially in life, from having to buy a smaller home - or heaven forbid, have to rent one because you don't qualify for a mortgage - to the amount of money you'll be able to put away for retirement. It won't be as much if you face a mountain of loan debt, meaning you could be spending your golden years working under the Golden Arches to make ends meet. Tomorrow, we'll begin tackling the strategies that can get you out of debt -- and keep you on the road to financial security.