Every day we hear of more and more home foreclosures - many in our own neighborhoods. Houses where happy families once resided are now just empty shells. Hindsight, as they say, is 20-20, but we can all learn one important lesson from these events that can help us if ever we should fall into the same pit: Do not wait to try to get help.

It is time to cut back. The economy is suffering and so are many families. Some have lost their jobs. Others have had their hours cut back and still others have had their salaries reduced. There is no other thing to do that to just ride this out. But, in the meantime, here are some tips for making and staying on a budget that hopefully will help you weather this storm we call a recession.

When looking for places to cut expenses we are often guilty of searching only for the large ones that will have a huge impact on our finances. While we should look for those, you should not stop there. The reality is that adding together small savings will make a significant impact on your cash flow as well.

There is a ton of advice on cutting expenses and increasing income in these tough economic times. But, there is one thing that you can do to make this even better: combine the two concepts and set a timeframe in which to execute the plan. If you get the power of these two concepts working together during a concentrated time, you will be amazed at what you can do in order to save money.

For the most part, credit card applications are fairly identical in what they want to know about you and your finances

Credit card rewards are bonuses that you receive as you use your card

Divorce can be an emotional time for anyone, but when credit problems are also a part of the process, the stress can be overwhelming

Contacting a negotiator or a credit resolution company is but one way of handling your debts with creditors. But there is also another way: do it yourself.

Nothing good can come from debt, especially credit card debt, which grows exponentially when not managed properly. If you miss a payment or two, you could very well find yourself in dire straits.

Credit card companies across the board are beginning to impose higher fees for late payments