Jump start your debt reduction efforts by figuring out just how much debt you have to deal with, and how you’re going to deal with it. Here is how; Calculate Your Debt Load and Create Your Debt Repayment Plan

A well thought out budget will help you to get out of debt and stay out of debt. Spend a couple of hours going over your finances; then, create a budget that serves your reliance on credit cards or savings. Cash-only is the goal from here on out.

To free up money for debt repayment, you will need to cut your spending. Look for ways to lower your electric bill, phone bill, homeowner’s insurance, insurance and all of your other bills.

Getting out of debt is as much about paying off debt as it is about avoiding new debt. That’s why it’s important to prepare for the unexpected – car repairs, medical bills, time off from work – basically any expense that could cause you to pull out that credit card and start spending again.

Once you’ve completed all of the previous steps, it’s time to start attacking your debt. Take the money that you’ve freed up with your new budget and spending cuts and apply it to your debt. Then, keep at it, until all of your debts are paid in full.

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