If at all possible, cut up your credit cards and don't get any more. Don't get any more loans. You've probably heard this one before, but how many of you have actually done it?

Tuck some money away in a savings account to cover you in case of an emergency so you don't have to build more debt the next time something unexpected happens. This is called your emergency fund. Just a few dollars a month to start, direct deposited automatically so you don't think about it, will add up over time.

Easier said than done? Trust me I know!!! Credit cards have been my "emergency fund" for far too long. But you have to bite the bullet and change those bad habits before things get any worse.

If you find that you just don't have enough money every month to pay all your bills AND have money left over to pay down your debt, then you need to increase your income. There's no way around it. This may mean adding a small part-time job or you could try to find more creative ways to bring in some extra cash. Remember: Every little bit helps!

When was the last time you evaluated your withholding allowances? You know... how much tax is being sucked out of your paycheck... If you were issued a tax refund this year, you should consider changing your tax withholdings. A tax refund is nice, but not when you really need that money in your paycheck. Get your employer to give you a new W-4 form and set your exemptions higher than they currently are. I'd recommend starting with an increase of only 1 so you don't end up owing taxes later. Your current pay stub should tell you what your current exemptions are.

Clean up your house and sell your unwanted items. Have a garage sale or sell your stuff on ebay. You'd be surprised what someone might pay you for that ugly antique vase your grandmother left you.

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Learn how to pinch pennies. Look everywhere. Analyze each of your expenses and see where you can cut corners.

Do you really have to have 130 TV channels when there is nothing good on any way? Call your cable company and negotiate a better deal.

What about your phone bill? Do you make enough long distance calls to justify paying for a long distance package? Do you need a land line AND a cell phone or can you live with just one?

Bundle up! Check if your cable company offers a bundle package with internet, cable and phone. Only make the switch if it saves you money. Don't be fooled into getting more options than you need.

How much of a difference will your auto insurance be if you increase your deductible or remove towing? Have you researched the other insurance companies?

Basically, budget how much you can apply to your debt every month and keep paying that much even when your monthly payments decrease. Once one bill is paid, take the amount you were paying on that bill and apply it to another one. This is called the "snowball method" or "debt snowball".

How it works:

1. Make a list of all your debts, ordered by debt amount, starting with your smallest debt first. One school of thought is to start with the loan with the highest finance rate because it makes more sense mathematically. BUT if you start with your smallest debt first, you will feel success much quicker and build up momentum.

2. Pay the minimum payments on all debts EXCEPT the top one. Put all of the remaining debt budget into that one payment. Keep going this way every month until that one debt is paid off.

3. Once one debt is paid, cross it off your list and CELEBRATE!

4. Then add the amount you WERE paying on that paid-off debt to the minimum payment on the NEXT debt.

5. Repeat!

Need to work out a specific debt problem? Need an answer to a question? Talk it out at Debt Management Talk. This is a great forum to discuss your debt management issues with others who feel your pain.

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