Paying off your debts isn’t going to happen overnight—especially when consumer debt totaled $2.5 trillion in the U.S. in December 2011--but you can speed up the process by strategizing a plan and sticking to it.

1. How to Create a Debt-Reduction Plan
Debt can be daunting, especially when the statements keep rolling in with
no end in sight.
Paying off your debts isn’t going to happen overnight—especially when
consumer debt totaled $2.5 trillion in the U.S. in December 2011--but you
can speed up the process by strategizing a plan and sticking to it.
Begin your pay-down process by pulling a free credit report at
AnnualCreditReport.com and ranking your debt in a spreadsheet by
balance, rate, minimum payment and the number of payments left,
recommends Denise Winston, a financial educator and founder of
MoneyStartHere.com.
Once you have a spreadsheet, determine a fixed monthly amount you can
pay to pay down your debt. If possible, this amount should be more than
the combined minimum payments on all of your cards, adds Kevin
Gallegos, vice president of Phoenix operations for the Freedom Financial
Network.
Next, pick two or three target debts and plow as much as you can above
the minimum payment on them, Winston says. “You will be amazed at
how good you feel by simply knowing how much debt you really have and
putting a plan in place to get rid of it.”
Experts warn that the debt-paying process differs with every financial
situation, but there a few basic guidelines that can help reduce multiple
debts in a timely manner.
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