Are you overwhelmed with a huge debt load? Being in debt will cripple you financially and make it impossible to think about a life free of debt. In order to attain real financial freedom and to begin having a decision in where your paycheck goes, you must first face your debt and determine ways to get rid of it. Try some of the following tips to begin the process that will lead you to a life with less stress, more money, and the opportunity to build wealth and security.

Still using credit cards? STOP! It is amazing how many people struggle daily with debt while they continue to incur debt. I have been there, so I understand the mentality. A common symptom of carrying a debt load that is close to unmanageable occurs when you use all of your income to pay your debt payments, only to use your credit to purchase daily items. It is a cycle that has to be stopped and that can only happen when you make the decision to quit using credit…period.

Increase your income. If you are serious about tackling your debt and are committed to putting every effort toward becoming debt free, you have to consider ways to increase your income. By picking up a part time job you can funnel all additional earnings toward paying off debt. Motivate yourself with the knowledge that putting in extra hours right now can save you years of heartache dealing with debt.

Change the “monthly payment” mentality. If you pay the minimum monthly payment on credit cards, mortgages and car notes you are losing thousands of dollars in interest charges. The only way to get out of debt sooner and regain control over your financial freedom is to put as much money as you can afford toward your monthly payments. Start first with any high interest credit cards followed by home equity loans and car loans. Make sure you are aware of any prepayment penalties charged by some lenders to avoid unpleasant surprises at the end of your loan. While your mortgage is considered “good debt” if your goal is to have “no debt” you can save significantly and shave years off your loan by applying as little as one extra payment a year. Try this- for all bills that you pay monthly, divide the bill in two and pay half every two weeks. It is an easy way to tack extra money on your debt repayment without feeling a significant pinch in your wallet.

If you are struggling with debt and feel there is no way out, please don’t give up. There are millions of people in your exact situation. Getting out from under debt is neither easy nor fast, but it is possible. Just as you are not alone living with debt, you will not be alone when you join the other part of the population who has been in your shoes. Through hard work, sacrifice and a bit of planning many people have overcome debilitating debt and are living debt free and happy. You can too!