It is easy to tell someone, "don't use credit cards". But in reality, the convenience of credit is too great for many Americans to resist.

Think about it. You get a preapproved application in the mail that says you're qualified for 10K at 0% interest til January 2200 by simply picking up the phone. It's like watching the Home Shopping Network. Never has an industry made the barriers of entry so incredibly low as they have for the purpose of acquiring credit.

And this is exactly what makes it as dangerous as playing the tables in Vegas. Much like gambling, the need for credit can be like an addiction. Once hooked, it's almost impossible to break free.

The U.S. debt is now approaching upwards of 46 TRILLION dollars. Yes, that's right, TRILLION. We are a nation of debt. Our government is in heavy debt. Consumers are in debt. It has now become as much a way of life as apple pie.

This unsustainable level of borrowing will eventually cause an economic jolt in our society. We will start to see higher default levels on home mortgages, we'll see more bankruptcies, and credit card write-offs will go through the roof. I wouldn't want to own financial services stocks when this freight train hits. It will also eventually show up as an adverse impact on our ability as consumers to spend. You keep hearing about how great the economy is and how strong jobs growth is. Let me break down how much of a lie this is.

If you've ever been searching for a job recently, take a look at some of the postings out in the marketplace. They're pathetic. The level of compensation for mid-managerial type of positions and even IT positions has gone waaay down since the early 2000's. Offshoring has caused a suppression of wages in this country which means you won't get paid as much as you used to for doing the same job.

OFFSHORING HAS ALLOWED THE U.S. TO EXPORT LABOR INFLATION OVERSEAS.

So now you're expecting an appreciation in your income to pay for all the extra goodies you've put on credit over the years. When that extra compensation doesn't arrive, you start to bleed red. So you try to cut back, which means reduced consumer spending which is exactly what was helping prop up our economy in the first place!

So, what do you need to do to combat this country's strategy of exporting jobs, lowering wages, and selling credit like there's no tomorrow?

First, play debt like you do cholesterol. There's good debt (hard assets such as real estate, mutual funds, gold, rental properties) and bad debt (unsecured credit such as credit cards). Always build a healthy portfolio of good debt. Never, ever build up credit card debt.

Second, learn to resist the urge to always buy things when you don't have the money. I realize that this can be a monumentally difficult thing to do but your old car can run an extra thousand more miles and you don't necessarily need that new plasma TV just yet, you're old TV will do just fine.

Take it easy on your spending during the Christmas season. Limit yourself to getting a few quality gifts instead of buying 10 different things for each person! The holidays are when most people dip in to their credit, it's a guilt/reward thing. You feel guilty for not rewarding your kids with nice things.

Watch utility bills and get in to the habit of finding ways to save. Don't keep all the lights on in the house for god's sake! Use sweaters or an extra blanket during the winter and try to keep the thermostat under 70. Believe me, months and months of this can amount to a great deal of savings.

Eat at home more often. I know that cooking is a thankless job, but have everyone pitch in and make it a family affair.

Try to capture a healthy lifestyle. Cigarettes and alcohol are taxed heavily by the government, that's why they're expensive commodities.

Pay your bills on time. Don't let those late fees kill you. Use Billpay features that automatically deduct from your checking account so that you don't forget to pay them.

Put away a monthly stipend in to a savings account. You will be enormously thankful for having this safety net in the event you experience a sudden financial change (job loss, death in the family).

These are just some simple ideas to start with. There are literally hundreds of other ways to become more efficient in the way you manage your finances. Remember, some of this takes a great deal of discipline, an abrupt turn from old habits, but the potential rewards in terms of "peace of mind" will be invaluable.