Debt can often feel overwhelming because you really don't have a clear idea of how much in debt you really are.

If you are unable to afford your mortgage payments and wish to avoid foreclosure, the options available to you depend largely on the type of loan you have...

It's a good idea to prioritize the debts to which you are going to apply this extra money. Do you have debts that are past due and the creditors are hanging out on your door step demanding your first-born?

Chances are you didn't get into debt in a day, and you won't get out of debt in a day.

Looking at your new budget, you're going to be able to see areas where you might be able to cut back. You might also see categories where you need to increase spending.

Credit cards are not inherently evil; it's all about your self control. If you use them responsibly (i.e. completely pay them off every month), you can benefit from them.

If you have any credit cards that are maxed out, cut them in half. If you have more than one remaining credit card, cut them up. When you finish, you should have no more than one credit card.

The idea of writing down what you spend is a concept most people find annoying at best and useless at worst. However, this is actually your key to getting out of debt.

Will I use this every day? Will I use it enough for it to be worth buying? How many hours did I have to work to pay for this? Employ the 3-month forecast. Ask yourself if you'll still be using the product regularly in 3 months.

A poor credit score costs tens of thousands over the years in increased interest rates and insurance costs.

Categorize your monthly expenses into logical groups of "Must have," "Should have," and "Like to have."

Simply calculating how much you spend each month on your debts will illustrate that eliminating debt is the fastest way to free up money. Once the money is freed from debt payment, it can easily be re-purposed to savings.