With the holiday season in full swing, many people are feeling the urge to splurge. Gifts for family, friends, co-workers and teachers are on your to-do list. However, the holiday season also brings about another feeling that many people don't want to talk about---despair. This feeling is because you're in debt. According to the nonprofit Consumer Credit Counseling Service in Dallas, the average household has more than seven credit cards and in 2005 the average balance carried among those cards totaled $9300. Add to that the rising cost in gas, foreclosure and the uncertainty of the economy and you have a lot to deal with. As a parent, you often feel that you have to buy everything for your children in order for them to be happy. You often don't realize that their happiness contributes largely to your unhappiness because you end up in debt. We purchase gifts for people that we know we can't afford and when the bill comes, we can't pay it in full. You either throw the bill away or put it to the side and forget about it...until the phone rings. It's the bill collector. Thank God for caller id because you know that "Unknown Caller" means, "bill collector" and you don't answer the phone. You become a prisoner in your own home and that's no way to live.

Debt is a topic that many people don't like to discuss because it involves being honest with yourself and others. It involves tackling the reason why you buy what you know you can't afford. That's a very scary thing to do. With that being said, there is no other time better than the present (holiday season) to do so. According to Girl Get Your Credit Straight author Glinda Bridgforth, "The first step in handling your debt problem is admitting to yourself and to your closest family and friends that you have a debt problem." I understand how difficult that can be because I just admitted my debt problem to my mother. My friends have known about my debt for some years now, simply because they have problems of their own, but telling your immediate family is no small feat. You have to be willing to listen to what they have to say and to internalize it. It's going to hurt. They may get angry. That's okay, but you have to tell someone instead of keeping the problem to yourself.

Secondly, you should gather all of your bills- credit cards, lines of credit, car loans, medical bills, student loans and debt owed to family and friends. According to #1 New York Times bestselling author and MSNBC host Suze Orman, "You can't go forward in eliminating your debt if you don't know how much you owe." I know it's scary to see an actual number but you must do it in order to map out your future debt repayment. Put your numbers in a system such as MS Excel, Quicken or any spreadsheet format in order for you to keep track of your debt. It helps to see the number in order to know how bad it is and how long it's going to take you to get out of it.

Third, Orman and Bridgforth both agree that calling the credit card companies is a must. If you have bills that have gone into collections or default, you MUST call the companies and set up a payment plan. If you can't afford the minimum payment, let the company know what you can afford. They would rather accept any form of payment from you than none at all. They don't win if you don't pay. In my case, they offered me a settlement that was 65% less than the original debt. Also, ask the companies if they can lower your interest rate. That will definitely cut down on your repayment amount. If you don't know what to say, there is a script on the "Debt Diet" with Oprah on oprah.com.

I know that admitting you're in debt is a very scary step, but know that it's a step in the right direction. For the next 2 weeks, I will be discussing more steps on the path to debt-repayment and ways to enjoy your holiday season without going into further debt. Remember, you must admit you're in debt in order for you to move on.

"Hi, my name is Kristyn and I'm in debt."

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