If you’re like a lot of people today, you have more debt than you know what to do with. However, getting rid of that debt can be a really tricky proposition. There are three key components to becoming debt free: paying it down, reducing your expenditures, and - if that fails - talking to a debt counselor. Let’s take a look at all of them.

The first component is paying down your debt. Focus on paying off one creditor at a time. Each creditor should receive the minimum payment per month, except for the one you want to pay off the fastest. Send the most money you can afford every week to that creditor, so the balance will disappear faster. Once the primary account is paid off, take the money you would have been sending and pay down the next target account. This strategy is the fastest and most effective one to get you debt free quickly.

If you can, pay your creditors more than once a month. Your phone, cable, and power companies won’t add interest to your balance due, so they don’t need to be paid frequently. However, credit cards and loans that are incurring interest on their balances should be paid as quickly as you can.

Determine the amount you can pay them per week. You can split your monthly payments up by the week - a $100 monthly payment can be paid in $25 weekly increments to reduce interest. Send a check with the account number written in the memo section each week, and send a note to make it clear what balance you’re paying.

You must also reduce your expenses. Make sure you understand the difference between your wants and needs, and try to cut back on the “wants”. If you want to be debt free, you must save as much money as possible to be used towards repaying your debt.

Develop good financial habits in your daily life. For example, go to the library instead of the book store, rent videos instead of going out to shows, and save on your utility bills by using less electricity, water, and gas whenever you can. Every penny counts because these pennies add up. If you enjoy eating in restaurants, you might want to invite your friends to a potluck dinner or barbecue instead. Use your common sense to find cheaper alternatives to your regular expenses.

If things seem impossible, seeing a debt counselor is a smart option. Admitting that you’re in debt and getting help from a professional debt management company can make a big difference in your life. Most good companies will offer you a free, no-obligation counseling session, where they’ll analyze your situation and suggest options to you. Prepare a list of your bills and debts before going in, with the total owed, creditor’s name, interest rate, and what you pay per month. That way, the counselor will have a very good idea of where you stand financially.

A debt counselor will negotiate for you a payment plan that will be satisfactory to both yourself and your creditors. Since they have already worked with your creditors in the past - they can get you a better deal than you would get if you tried to negotiate something yourself. Make sure you understand how your credit score will be affected by your plan, and when you are satisfied with the plan - start it right away so that you will become debt free as soon as possible.