• Many people find getting into debt easy, but getting out exceptionally difficult. While paying off your debt may seem like an uphill battle, with careful planning and goal-oriented saving, you can reduce your debt rapidly and achieve this enviable debt-free financial status more quickly. While paying off your debt will never be an easy process, it is something that you can accomplish.
  
  

Cut Housing Costs

• For many, housing costs represent the bulk of their monthly bill obligation. If much of your monthly earnings are already tied up in paying for your residence, consider downsizing or selecting a less expensive housing option. Apply the money that you save by moving to a less-expensive home or apartment to the paying off of your debts. Once your debt obligation is reduced, you can always move back into the pricey housing to which you were accustomed.
  
  

Trade In Your Pricey Ride

• While an expensive car may look shiny and make you the envy of others, it doesn't necessarily accomplish the task of getting you from point A to point B any better than a less expensive vehicle would. Save money on your ride by trading it in for a gently used car or one with a few less bells and whistles. Apply the money you save to your debt reduction efforts.
  
  

Obtain a Second Job

• The formula for debt reduction is quite simple; you must pay more than the minimum each month. To make this possible, consider seeking out additional employment. While you will likely not be keen on venturing off to another workplace after a long day at your primary job, doing so may give your income the boost that it needs to make your debt reduction dreams come true.
  
  

Pay Off Debt With Savings

• While it is always nice to have some cash in savings, keeping a large amount of money in savings instead of applying it to an outstanding debt is often not a logical financial move. If the interest accruing on your debt is greater than the money you are earning by keeping the cash in savings, pull it out and pay off your debts. You may still want to keep a small amount in savings for emergencies, but take the rest and use it for debt pay-down.
  
  

Send the Kids to Public School

• If your kids currently matriculate at a pricey private school, consider modifying this practice to reduce your debt. While you likely don't want to uproot your children, depending on the severity of your debt-reduction needs, doing so may be the best choice. If you send your child to public school in place of their current pricey institution, you could likely save thousands a year and apply this saved money to debt reduction.