According to the Federal Reserve's latest numbers, the average American household carries $137,063 in debt. Yet the U.S. Census Bureau reports that the median household income was just $59,039 last year, suggesting that many Americans are living beyond their means.

Although, there is so much “advice” about eliminating debt all over the internet from the so-called debt experts, somehow people all over the country are still in debt. So, who are we to blame for the failure to eliminate debt, the consumer or the experts?

As evident of this failure is the 13 trillion dollar personal debt that exists in the United States. Majority of the consumer debt is broken down as follow: $1 trillion in credit card debt, $8.94 trillion in mortgages, and $1.5 trillion in student loans.

African Americans rely on credit cards to make ends meet because they are constantly faced with persistent structural and economic barriers that limit their ability to generate wealth.

While more African Americans are engaging in the credit market, they are fully unaware that they are victims of predatory and discriminatory lending. Paying for education is not easy for anyone, with four-year tuition, and room and board at private colleges averaging nearly $44,000, and close to $20,000 at public colleges, its not hard to understand why so many students are still in debt well into adulthood. In addition, 70 percent of black college students who dropped out pointed to debt as a primary reason.

Are you in debt due to predatory lending? So, is it unethical ‘not’ to pay back a loan that was provided to you via predatory lending? Predatory lending is any lending practice that imposes unfair or abusive loan terms on a borrower. It is also any practice that convinces a borrower to accept unfair terms through deceptive, coercive, exploitative or unscrupulous actions for a loan that a borrower doesn't need, doesn't want, or can't afford.

From credit cards, home loans, auto loans, and school loans everybody is trying to figure out how to get rid of debt.

Below are Top 5 ways to legally get rid of debt and improve your financial stability within 3 months:

1. Devise a Written plan: As the old saying goes, “most people don’t plan to fail, they just fail to plan”. No matter how much you want to get rid of your debt, you most likely will fail if you don’t have a written plan. The plan must consist of a budget, and you should review it and make adjustments every single day.

2. Reduce your lifestyle: If you’re really serious about getting rid of debt, then you must “completely eliminate” dining out. Dining out is one of the biggest housing expense, and could add up very quickly. For example, let’s say you only spend $45 per week on dining out. In twelve months, that measly little $45 per week turns into $2,160 at the end of the year. Most people spend much higher than $45 per week on dining out. The average is around $87 per week, which is $4,200 annually. So, if you’re the person that says,”Oh, no, I have to treat myself everyday” and spend $45 per day eating out, you’re currently spending $1,350 per month, and $16,200 per year…and that’s not including a tip.

Another expense that can be “completely eliminated” is clothing. Unfortunately, most individuals would have to go through withdrawals in order to successfully stick to both tasks. You will be surprised how much discretionary income you have left over after reducing your expenses of dining out and monthly shopping sprees. Other expenses to reduce or eliminate: cable TV, cell phone bills, utility bills. There are consumers that do not own a business, yet they spend $200 per month for a cell phone bill, and all they do is post selfies all day.

3. Increase income: Additional income is always a positive. There are multiple ways to increase your income. Some of the most effective ways are asking for a raise at work, working a second job or part-time on the weekends, and reducing your tax liabilities. Speak with your accountant about ways to reduce your tax liabilities. The internet provides numerous ways to produce an income from home.

4. Pay extra per month: Use your discretionary income, and the extra income you received from a second job, or raise, and apply it as an extra payment towards your loans and credit card balances. Start with the smallest loan because it will give you a sense of accomplishment, and motivation to continue saving. It is well documented that paying just the minimum amount keeps consumers in debt.

5. Dispute your debts: Obtain a copy of all three of your credit reports from annualcreditreport.com. Sign up for free credit repair monitoring with Creditkarma.com, Transunion, Equifax, and Experian, and dispute any incorrect, or outdated information. Many consumers are unaware of federal laws which allows individuals to dispute debt directly with the credit bureaus. It doesn’t matter if the debt is 100 percent yours, if the debt is not verified, or validated, federal law allows the debt to be deleted from your credit report. It’s the law so use it.

Bringing your debt under control is not easy, but the payoff is satisfying. You can finally start putting the money you were giving to interest payments toward something you really care about—like your future.

ABOUT MAS CREDIT REPAIR

Marc A. Stephens (MAS) provides personalized consulting services to individuals and businesses. MAS has prepared the most effective credit repair process with over 15 years of proven results. Pursuant to United States Code Title 15 U.S.C. § 1681g(c)(2)(E) for credit repair, MAS can rapidly remove any item from your credit report, even if the debt is yours. MAS takes tremendous pride in ensuring that clients have a realistic plan of action to successfully repair their credit.

MAS will quickly delete the following items from your credit report:

Auto Loans, Bank Loans, Bankruptcy, Charge-Offs, Child Support, Collections, Credit Cards, Foreclosures, Home Loans, Inquiries, Judgments, Late Payments, Liens, Repossessions, School Loans, Utility Bills