Figure Out What You Owe

• To get a solid grip on your finances, be honest with yourself about how much you owe. Gather up all of your credit card statements and other debts as well as the interest you're paying on each one and develop an effective plan for paying off these bills.
  
  

Stop Increasing Your Debt

• If you keep adding to your debts, you'll never pay them off, so stop resorting to debt financing. Cut up your credit cards, or freeze them in a block of ice so they are hard to access and, from this point forward, use cash, checks or debit cards to control your finances.
  
  

Snowball Your Debts

• In snowballing, a concept developed by finance expert Dave Ramsey, you make minimum payments each month on all your debts then, with any money that's left over, you pay down a single debt at a time, focusing on those with the highest interest rate or smallest balance. By snowballing your debts, you'll make visible progress that will keep you motivated to stick to your goal.
  
  

Make More Money

• Maximize how much you have available for debt repayment by either cutting expenses (like cable, eating out or entertainment) or increasing income (with a second job or selling possessions you no longer need). Being mindful of your spending and eliminating unnecessary purchases will free more money for debt repayment each month and hasten the time you'll be debt-free.