Get the most out of debt management. Help yourself by filling out the form on the right to be contacted by a professional debt counselor.

Debt remains a ball and chain that binds consumers to stress and anxiety. To reduce debt, make a mental decision and commitment to live debt free. Write the goal on paper and prominently display it in the checkbook, near the computer, in the wallet pocket in front of the credit cards and on the keychain. Manage personal finances with the debt reduction goal in mind, and repay debt faster.

Vow to repay debts in full as soon as possible. To create a debt repayment plan, consider contacting debt management programs. They help consumers calculate the amount of debt owed and will work with creditors to set up a repayment plan. To guarantee the consultant has an accurate picture of the financial situation, share an honest, complete financial disclosure. While working to reduce debt, refuse to apply for another consumer credit card or charge more purchases onto a current card.

Prepare a list of income and expenses in order to create a monthly spending plan. Begin by listing all sources of income. This amount of money must pay monthly living expenses plus repay debts. Possible income sources include:

Compile monthly bills and financial obligations. List every debt including amount owed, interest charged monthly due dates and expected pay off date.

With a complete list of income and debts, consumers may begin to create a concrete plan for debt reduction.

Start by increasing income or decrease spending. Ask for a raise at work, find a part-time job or look for a job with a salary increase. Identify the root causes of overspending. Perhaps shopping provides emotional pleasure or collectibles make the home seem less lonely. Consumers who wish to reduce debt must learn to identify areas in which they overspend and strive to conquer these temptation areas.

To reduce debt, pay bills on time. Avoid late charges by arranging for automatic bill pay from a bank account. If consumer loans are needed, choose the shorter payback period. While the monthly payments will be higher, the loan will be repaid quicker with less interest fees.

Use credit cards wisely. Never charge a consumable good that cannot be held in hand when the credit card statement arrives in the mail. Avoid carrying a credit card balance. Pay in cash whenever possible. Pay more than the minimum due on every debt. Apply salary increases to debt repayment. Over time, small monthly repayment increases yield great benefit by reducing debt.

Save money on household expenses. Compare available rates for auto, home and medical insurances and bundle insurance needs into one bill or with one company in order to save money. Shop around and compare rates in order to find deals on utility bills. If a competitor advertises cheaper rates for telephone, television or electric, the current carrier may match it. Analyze each bill, and call customer service to dispute unusual or inaccurate charges. Drop unused services, features and insurance. Spend less money on consumer goods such as clothing, vehicles, sporting equipment and videos. Purchase used items rather than new, and participate in half price deals online. With the money saved on monthly household expenses, repay debt.

Defray expenses by limiting impulsive spending. Denying instant gratification saves money and allows a consumer to stay on budget. Allow a full 24 hours before purchasing items over $10 or a different predetermined amount. Before buying stuff, ask several questions.

Does the item have a definite use and a place in the home? Based on hourly salary, how long will it take to earn the money needed to buy this item? How many other bills could be paid with the money used to purchase this item? Is the item a necessity or a want?

With a detailed financial report listing income and expenses, consumers create a plan to reduce debt. Cut household expenses, and apply the saved money to repaying debt. Consider debt management programs to consolidate debt and assist in preparing a repayment plan. With perseverance, discipline and personal finance management, consumers reduce debt and find financial freedom.