Emily's list: Tightrope edition

On this day in 1974, Philippe Petit, a French stuntman, walked across a tightrope strung between the two World Trade Center towers in New York City. He went between the towers not just once, but many times. You might have seen this infamous act performed in the recent documentary, "Man on Wire," made about him.

In this stinkin' economy, you may feel like you're walking along a tightrope -- financially shaky and just one small step from disaster. I usually don't feel this way, but lately I have. My credit card balance was at zero until I was hit with a $300 medical bill last month that I didn't have the cash for. I was having some health issues and had to see several more doctors, and the co-pays continued to add up. A few other unexpected expenses popped up, too, and I also did some impulse shopping that I sorely regret. This unfortunate cascade of events and some poor decisions have made me feel like I'm wavering across a financial tightrope.

I'm not used to carrying a balance, so having one that I can't pay off right away has been frightening. I know I will have this all paid off soon, and I have acknowledged my mistakes. I know I have an emergency fund that I could use if things really got bad. But now that I know what it feels like to have more debt than you can pay off with one paycheck, I am determined to attack any future debt immediately rather than prolonging it by making unnecessary purchases. Lesson learned!

If you feel like you are walking a financial tightrope like I am, these credit card and debt-related blog posts from the personal finance blogosphere offer tips and advice that can help you tiptoe back to better financial health.

1. No Debt Plan gives a step-by-step plan for how you should transition to a new bank. One of the most important steps, which I made the mistake of forgetting to do once, is switching over your automatic payments from your old bank to your new bank.

2. A guest post at Smart Spending discusses how to prioritize paying off debt versus building up savings.

3. Money Smart Life discusses the cycle of debt that payday loans can put you in and suggests how to crawl out.

4. My Two Dollars explains how layaway plans are an alternative to putting a big purchase on a credit card and offers advice on creating your own layaway plan.

5. Consumerism Commentary reports on a new government act that requires credit card companies who raise interest rates to follow more regulations.

6. Denial won't get you anywhere. Adam at Wisebread walks you through the process of acknowledging that you are in debt.

7. No Credit Needed explains how micro-payments can maximize your debt reduction efforts.

8. Alex at Queercents reminds readers that even after a bout with bankruptcy or foreclosure, wise decisions can help you rebuild credit and get back on track.