According to the Identity Theft Resource Center, a non-profit organization primarily funded by the Department of Justice, over 10 million people had their identities stolen last year.

To put that in perspective, that means you have about a 1 in 10 chance EVERY year at getting your identity stolen. If you were to get your identity stolen it will cost you an average of $550.39 in out-of-pocket expenses and it will take you an average of 116 hours and up to 12 months to repair the damage.

The best thing to do is to prevent identity theft from happening to you. There are some easy steps you can take.

Start by investing in a good cross cut personal paper shredder for your home and shred every document that has your personal information on it, including credit card applications. 68% of identity theft happens as a result of documents being stolen from recycle and trash bins.

All college students should also own a personal paper shredder. There are a growing number of college students getting their identities stolen, in part because they rarely shred documents containing their personal information and typically they receive a substantial amount of credit card applications and loan applications in the mail. The damage is often greater because it takes them longer realize that their identity has been stolen.

If you have a significant amount of papers in your home that need to be shredded, you may consider taking them to a drop off site in your area. At most drop off sites they will shred your papers as you watch in a commercial grade shredder that accepts staples, credit cards, paper clips and sometimes even full binders. On average you can have a bankers box of papers shredded for between $5-$15. Your bank may offer this service free to its customers once or twice a year.

You could also have a 50-100 gallon locked bin delivered to your home. You fill it with all of your documents to be shredded and the company picks it up and gives you a certificate of destruction. This service varies by company and usually costs between $60-$100. Be sure you choose a company that is certified.

What can you do with the shredded paper in your home? One idea is to bring it to your local Humane Society! They use it to make cozy animal beds. Or you could use it to pack and ship items, compost it or put it out with your recycling.

The best way to protect yourself is to keep your personal information safe.