Control your expenses - This is obvious but very important. It's surprising how much we spend. Prepare budgets and stick to them. You will see how in a short time you will be able to lower your debt and even begin saving.
Pay debt in order of interest rate - Pay debt with higher interest rates first. These are usually your credit cards.
Don't fall into the "minimum payment" trap - Always try to pay more than the minimum. This way you will lower your debt faster and save on interest. Depending on the size of the debt, you could pay the minimum amount for 20 years and not lower the debt significally.
Don't allow debts to drown you - If you think suspect you have more debt that you can handle get help early. There are organizations that can help you lower your debt to more manageable levels. Check in the Yellow Pages.
Avoid borrowing - It's tempting to take out a loan to pay off other debts but be careful. Oftentimes the loan could require your home as collateral and if you can't pay you could lose your home!
Observe why you borrow money - Some debt makes sense such as debt to finance certain purchases such as a car or a home, however it's better to avoid borrowing to pay for articles that wear fast like clothing, food or vacations.
Prepare for the unexpected - Try to have an emergency fund and do not use it. Many people fall into a vicios cycle of debt after an unexpected event like an accident or an illness. The event forces them to take on debt they can't handle.
Don't try to pay off your mortgage too quickly - If you put all your money in a mortgage you will not have money available for emergencies or to pay off higher interest debt.
40% - This is the percentage of your income that should go to paying off debt. Try to stay close to that percentage. What is your debt percentage?