Often times when you owe money, what immediately comes to mind is this: “Let me just borrow more money to pay off this debt, then I’ll be alright.” But in reality you’re just digging yourself in deeper. When you’re already in a hole, the last thing you should do is keep digging. There comes a time when you should just cut your losses.

So when you’re in a financial bind, what is there to do? Start downgrading, sell some things on eBay and start paying off those debts.

- Edwin, CashTheChecks.com