Debt elimination involves three steps:Stop acquiring new debt. Establish an emergency fund. Implement a debt snowball. Here's how to approach each step. Stop acquiring new debt(This step can be accomplished in an afternoon.)This may seem self-evident, but the reason your debt is out of control is that you keep adding to it. Stop using credit. Don't finance anything. Cut up your credit cards. That last one can be tough. Don't make excuses. I don't care that other personal finance sites say that you shouldn't cut them up. Destroy them. Stop rationalizing that you need them.But the most important thing I can share is to get involved with a program that you can use to leverage your income producing ability. Sometimes the best way to get out of debt is to tap into something that produces more income than debt.
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