Having too much debt usually means paying a lot of interest each month and can affect one's credit profile in a negative manner. To get rid of this debt one has to be dedicated to following specific steps that will reduce, and even eliminate, unhealthy debt.

Analyse Your Situation

It’s necessary to know exactly where one stands at the moment and get a clear picture of one's financial situation. Doing the following will accomplish this:

• Compile all accounts, including loans and other credit information. Know the fine details of each of these.
• Write down the monthly payments and interest amounts on each debt.
• Write down net income (take home pay) and each expenses.
• Estimate what assets are available, such as home equity, car, jewellery, etc.
• Get a credit profile and credit score, to use it as a baseline to track one's progress.

Prepare a Budget

This cannot be done without a budget. Figure out monthly spending and find a way to reduce these so that it's possible to apply at least 10% towards debts. If that can't be done, find as much as possible. Even small amounts count… For exanple, cutting down on eating out once a week can become significant… $25 to $50 a month or more. And that can really help in reducing debt.

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