How can I get -- and stay -- out of debt?

If you're a Medina resident struggling with debt obligations, you are far from alone. It's frustrating to get hassled by creditors, which is why it is prudent to avoid running up debts in the first place.

That can be a bit like being told to close the barn gate after the horse has already gotten out, however. But it's still a good idea to learn some easy ways to avoid debt entirely, like the following:

• If you can't pay with cash, don't buy/spend it.
• Don't make impulse purchases.
• Set spending limits and stick with them.
• Comparison shop when possible for major purchases.
• Pay off all credit card balances each month.
• If you can't pay off the total, always make more than the minimum payments.
• Transfer credit card balances to cards with lower interest rates — then close the other accounts.

If you are already mired in debts you're unable to pay, more drastic action may need to be taken to improve your financial situation. But consumers must be wary of scams that promise to repair their credit. At best, these companies charge consumers for doing many of the same things the consumers can do for themselves, e.g., negotiate lower payments or balances.

But the scammers can also do far greater damage, like accepting money from consumers to settle their debts and then absconding with the funds without making any payments to creditors.

Also, these companies possess no magic powers to wipe out negative entries on consumers' credit reports. Only making payments in full and the passage of time will repair a credit history. The rest is smoke and mirrors.

Filing for bankruptcy might not be your first choice for debt resolution — yet it might be the wisest. Especially when it is more advantageous to just wipe the slate clean, filing a Chapter 7 bankruptcy can be the best path out of financial insolvency.