CLARKONOMICS: If you've been hearing the Clarkonomics sounder more often, it's driven by your calls and questions about the economy in these difficult times. Personal bankruptcy filings are up about 40% from a year ago. This can't all be blamed on the housing crisis. Beginning in 1998 through 2006, there was always more money available that could be borrowed: HELOCs, credit cards, etc.

First off, Clark always discouraged taking credit card debt and rolling it into a HELOC. Second, he also discouraged people from doing consolidation loans. Such moves were like rearranging deck chairs on The Titanic, not changing course to avoid the iceberg. You are not paying down debt if you just swap one debt for another. Then the music stopped and people could no longer do cash-out refis or HELOCs. So they turned back to credit cards and even borrowed from their 401(k) plans -- a sure way to destroy financial security for decades down the road.

But now it's a new day. You can no longer borrow so freely. "Fresh start" bankruptcies should still be your last resort. Before you become a statistic, trying visiting NFCC.org for free or low-cost debt management advice. Remember that bankruptcy can stay on your credit for 10 years. Do this early on, instead of waiting until the last minute when you're really squeezed. Finally, you must change your relationship with money. Don't purchase something if you can't pay cash for it. The real enemy of Clark's advice is all those "no money down" ads for furniture, big-screen TVs and more.