By Vicky Therese Davis, William R. Patterson, and D. Marques Patton

Whenever the topic of finance is discussed, it is important to note that everyone's situation is different and that financial advice should be tailored to an individual's particular circumstances with the help of a professional advisor.

Everyday our mailboxes are flooded with advertisements, catalogues, and "pre-approved" credit card offers hoping to deplete our savings and draw us deeper into debt. In the latest Survey of Consumer Finances conducted by the Federal Reserve, concern has been expressed that the rising level of debt may become "excessively burdensome to families." Similarly, the American Bankruptcy Institute reports personal bankruptcies are near an all-time high and in 2004, more than 1.5 million were declared.