New Year's Resolution: Financial Lipo

A quick peek into the future: You are hungover from the highs of financial gluttony caused by the holidays. Your kids have more toys than Santa, but your wallet is in the the intensive care unit at the local hospital and using your credit card one more time might get you arrested.

How did this happen? How do you recover?

If you're like most Americans, your credit card debt likely bulges along with your waistline during the holiday season. You and your family are sure to be thrilled to unwrap shiny new toys, gadgets and gizmos. But like that extra helping of apple pie or glass of eggnog, those excess purchases can leave you feeling bloated and unhealthy, much like your monthly finance charges.

So why not shed that debt the same way you work to lose excess holiday pounds? You can diet by curbing your spending, limiting purchases and slowly paying off debt. Or you can take a more aggressive stance: financial liposuction.

While drastic measures might not be the healthiest way to tackle weight problems, going extreme on your debt might actually be the best cure for your finances. Cut up those credit cards, starve your buying habit and take a little time to figure out why you're such an overspender.

Try it, and you might just suck that debt right out of your life.

Here is a crash course on financial liposuction, provided by your friendly financial physician. The process is sort of like regular lipo, just a bit more painful.

1) Find out the reasons for the financial binge that happens every Christmas.

You always regret it at the end, but you keep doing it. Like any spendaholic, if you don't find the reasons for your gluttony, you will be forever gluttoned (sounds slimy doesn't it?).

The reasons you overspend are between you and Dr. Phil, but some psychological house cleaning might be necessary. Filling a bucket does nothing if you never find the leak.

2) Engage in financial anorexia for about three months.

You spent more money than NASA last month, and now it's time to deny yourself a few things. Cut any excess fat from your budget, and consider even slicing at the bone.

Pay necessary bills only, give yourself no credit card access and keep a limited amount of cash in your pocket. You may even want to have your spouse put a "WANTED" poster of you in all major department stores -- it's for your own good.

3) Cut up one of your favorite credit cards.

You have been in an abusive relationship with this credit card for far too long. It is time for you to have the courage to walk away. Yes, you and this card have been through a lot, and I know you've created a lot of financial babies together, but there are more loving credit cards out there.

Once you are financially prepared for a new relationship, you can move forward. No deceptive hidden fees. No emotionally-draining high interest. You can have the kind of relationship that a spender should have with a favorite card.