That's why I have the Debt Diet. It uses the same principal as a food diet - like a weight loss approach to your finances. And we really need it because the two problems that are plaguing North Americans are obesity and debt. More of us are overweight than ever before - and more of us are in debt than every before, with the average household owing at least $8-thousand dollars. Well, your weight and your debt hinge on the same concept: Eat too many calories, you get fat. Spend too much money, you get debt-heavy.

So here's the fix - from debt expert Gerri Detweiler from Take 20 minutes a week, three times a week to find the holes in your wallet. Just like you should exercise 20 minutes a day, 3 times a week, spend the same amount of timing really taking a hard look at where your money's going.

So Monday, Wednesday and Friday - write down everything you've bought in the past couple days. Do that, and you'll know very quickly where your spending weaknesses lie - and where you need to cut back. Monday will probably take more time because we spend more on the weekends. So if you notice that you spend $7 dollars at Subway everyday getting a sandwich and chips, and another $3 dollars at Starbucks getting your morning latte - that's $10 dollars a day - or 2-thousand 6-hundred dollars a year. Only counting weekdays.

Basically, we need to attack the holes in our wallet the same way we'd attack our big bellies - reducing spending a little at a time until you see results. Because debt, like fat, is stressful and a quality-of-life killer.