There are a lot of personal finance articles out there dealing with the topic of debt (specifically, how to get rid of it). So, what is the fastest way to get out of debt? Heck, I might as well throw my ideas out there too…because I do have a few ideas. Actually, I think a lot of people have a few ideas about this one…mine just happen to be preemptive.

I was trying to delay making this post until Congress had approved the bailout plan for our troubled financial system. That way, I would have something interesting to say about all of the know-nothing politicians trying pathetically to "save" our economy with half-baked ideas of Government intervention.

It's nice to know that the bailout hasn't happened in its initially proposed form, but I wager it is a matter of time before someone decides what's best for us.

That got me to thinking about debt and income…and how the Government is terrible at managing both. And yet, they are constantly trying to tell you, me, and everyone else how to be responsible citizens.

They wag their fingers at all these banks for the massive amounts of debt they incurred. Must be they forgot that the banking institutions responsible for this mess were created by the Government – the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation…also known as Fannie Mae and Freddie Mac (they also aren't paying attention to the national debt)…

Ask Fannie and Freddie what the fastest way to get out of debt is…they might tell you to borrow more money. Ask the Federal Reserve. They may tell you that you can just print more money. If you ask a savvy American, they will probably tell you "don't get in over your head to begin with".

Honestly, I like the savvy American approach. The fastest way to get out of debt is to not get bogged down with debt in the first place. There are some rules to this game, of course. Don't get "bogged down" with debt…but don't eliminate that as a way of creating wealth also. Many small business owners, real estate investors, and even FOREX traders rely on leverage to make their money.

Even though in today's economic climate, borrowing money doesn't seem to be a smart thing to do, there are times when it is appropriate. Those times are when:

1) the product you are buying will appreciate (or is expected to) in the future.

2) you charge up a credit card to pay your monthly bills (and hopefully are getting cash back incentives) and then pay it off, in full, immediately when the bill arrives.

That's it. Making long-term loans for consumption is a dead end, financially speaking. Sadly, it's also where most people end up borrowing a lot of money. Paying down debt isn't nearly as much fun as spending money that you haven't made yet. And…trying to recover from a bad case of "overspending" can seem like an amazing feat. It is.

There aren't any 'tricks' that can save you. A good education in personal finance can. But that takes work. A lot of it.

Some people assume that if you are going to consolidate your debts, that that will solve your spending problem. Debt consolidation doesn't address the real problem though, which is your spending habit. It is an ideology that accepts that you can consume more than you produce…and it's a false (and damaging) idea to hold.

The fastest way to get out of debt is actually the simplest…make a budget, and pay off everything that you borrowed. That's it!