For a variety of reasons, the past few decades have witnessed an explosion in our nation's debt burden. As manufacturing, once the foundation of American industry and productivity, has shifted offshore, much of our country's workers have been left without jobs or means of income.

The U.S. government has battled this issue by expanding its own payroll and beefing up a variety of social programs. Add to this a costly war in the middle east, and you have a budget that is far from balanced.

How then is the government funding itself? Through enormous amounts of debt. This debt is held partly by our own citizens and corporations, but more so by countries abroad. The debt continues to grow even as tax revenues drop, and the question remains, how long is this sustainable?

The private sector is no different, where the culture of consumption and debt has reigned for years. Through the heyday of the 90's and 00's, Americans and American corporations were able to borrow at lower rates and higher amounts than ever before in history.

If you find yourself personally buried in debt, you are not alone. Feeling that your finances have gotten out of hand is a miserable feeling, and more people are filing for bankruptcy than ever before. It is estimated that over 1.3 million Americans will file bankruptcy in 2009 alone. However, that number could even rise to 1.5 million based on a variety of factors.

What are the best ways to try and avoid financial distress? Well the first and most obvious way is to not panic. Panicked and frightened people rarely make good decisions. Keep in mind that you are far from the first person in this situation, and you will definitely not be the last. After you calm yourself down, take a good long look at your financial status.

Deeply examine the situation and see if there are any items on your expenditure list that you can live without. Begin to carefully write down where virtually every penny is going and see what expenses you might be able to eliminate. This might sound obvious, but even the most organized among us probably has at least a little money that is “slipping through the cracks.”

After you have analyzed your financial situation, contact your creditors and tell them what your situation is and that you are having trouble. Deal with your creditors regardless of who they are, and try to make a lower payment option if possible.

Following these simple rules will help you begin to turn the tide toward a debt free life. Now, if the U.S. government would follow these same rules, we might all be better off.