Are you over your head in debt? Are you feeling trapped and overwhelmed by the amount of debt you have?

Then it’s time to make a plan to cut down your debt. One great way you can get rid of overwhelming debt is to pay off the debt with the highest interest rates as soon as possible.

You can do this by finding a way to pay more than the minimum. When you only pay the minimum, you’re mostly covering incurred interest rates. That’s not going to remove debt.

You can find extra money to help you pay down your debt by writing down how and when you spend your money. This little step of self-accountability can help you save more than 20% of money you would spend else where on non-essentials such as eating carry out at work everyday.

As an alternative, you can eat homemade lunches and use the money you would spend on carry out to put forth to your debt.

To play it safe with debt, never put yourself in a position where your debt takes up more than 15% of your overall income. Otherwise you’ll be in over your head for a lifetime.

If paying your highest interest rate debts discourage you, you can try to pay off little bills first and use those savings to go towards larger bills.

The key to paying off debt is to think wisely about how you are spending money.

There will come times in your life where you’ll need some form of debt to further your goals in life.

Think on what you need to succeed and only accrue enough debt to reach those goals. Get what you need rather than seeking to have everything you want. It makes a difference.