1. Create a realistic monthly budget so that you can keep a check on your expenses.
  2. It is recommended that you should pay off the balance on the credit card with the highest interest rate first (unless the balance on any card exceed 50)
  3. Don't load yourself with extreme amounts of credit cards. You are geared up with loads of debt and you are having 10 credit cards? It is not wise at all. Learn to use cash instead of credit cards. That is why it is recommended that you should have one primary credit card and use it only for emergencies or major necessities. Never accept increases on your credit card limit above an amount you can easily pay off in three months. Otherwise you will again get into debt.
  4. The next tip is to use direct deposit for your paychecks. At the same time you must have a limit on how much you will allow yourself to withdraw each week and month. It will allow you to keep a thorough check on your financial condition.
  5. The next tip is that you must cut down on your discretionary expenses. That means cut down eating out, overusing your cell phone, and other such unnecessary expenses. It is important to all this!
  6. Now make a list and evaluate your living situation. Make sure that after all the calculation your housing costs is not more than 33 percent of your household income, including all such important things like mortgage payments, property tax, and both property and homeowner's insurance.
  7. People are talking endlessly about those debt consolidation thing but I never suggest you to do so. It is recommended that you should avoid borrowing money to get out of debt.
  8. # Contact your creditors and try your level best to work out repayment plans.
  9. # You can also become a savvy shopper. That means go to all those marts that offer heavy discounts and offers to lure customers. Cut down on branded items. After all what is wrong in that? Look for deals, bargains, and savings. Check out money saving sites like: Shopping.com and BizRate.com.
  10. # Look for extra ways to make some money. You can do a part time job or plan a garage sale!