Bankrate offers consumers six steps to eliminating debt:
1) Know where you stand - Look honestly at how much you owe.
2) Create a plan - Take a short self-inventory to determine the
appropriate repayment plan.
3) Set aside some savings - Consumers should have at least 3 months worth
of living expenses in a savings account.
4) Pay more than the minimum each month - By only paying the minimum,
compound interest adds up, making it harder to pay off the principal
amount.
5) Improve your terms - Creditors may waive fees, reduce interest rates or
agree to more flexible terms
6) Seek counsel - A
credit counselor can get you on a budget or refer you
to other options
Take Action
Money management 101
Powerful debt pay-down strategies
Make debt pay-down a family affair