Debt can be a tremendously useful thing – I don’t know many people could have bought their own houses or started their own businesses without it – but it can also be a dangerous weapon. The fate of the Greek economy can attest to that.

I have my own personal credit crisis, and I suspect we all do. Basically, despite years of hard work, I’m still living pay cheque to pay cheque. It’s debilitating to realise you’re basically no more than one missed week from economic disaster, but it’s for a good reason – paying down debt. My debt burden has shrunk over the year, but again, not by as much as I would like.

Like all tools, credit needs to be carefully monitored, and spending, like most habits, needs to be watched lest it get out of control, as it so easily can.

The best advice I’ve seen in ages was on the blog Get Rich Slowly, and it counsels that what’s important isn’t so much how you pay off your debt, or what strategy you adopt, but having a system and sticking to it. It’s fine to talk of “consistency” and “finding what works for you”, but the truth is simple – be consistent in what you do and the results pay off.

Good advice for all of life.