The Snowball

• Write out all of your debts and rank them from smallest to largest. Pay off your smallest debt first by putting as much money into that account as you possibly can. Meanwhile, pay only the minimum on your other balances. Once you've paid off your smallest debt, move on to the next one. The idea is that this method will inspire you to keep up with your debt, because each small victory "snowballs" into finally conquering your largest debt.
  
  

The Avalanche

• If you have multiple debts with varying interest rates, the avalanche method could really help you save money over time. Though it doesn't provide that feeling of instant gratification that the snowball method creates, it may be a smarter move if you're paying high interest on a few of your debts. Start by paying off your debt which has the highest interest rate first, while paying the minimum on your other balances. Once your debt with the highest interest is paid off, move down to the next-highest and focus on paying it off.
  
  

Credit Counseling

• If you're struggling to manage your debts and you would benefit from expert advice, a credit counseling agency may be your ticket to debt reduction. The FTC recommends choosing a credit counselor that will meet you face-to-face: this way you can ensure that the agency isn't fraudulent. Your credit counselor will help you develop a workable budget and offer solutions for reducing your debt. The agency may suggest you enroll in a debt management plan (DMP), a strategy in which you pay the agency a set amount of money each month and it distributes part of the money to each of your lenders.
  
  

Other Ideas

• Before you start throwing the big bucks at your debt, ask your lenders for an interest rate reduction. If your credit's in good standing, you may get just what you wanted --- and you'll save money in the long-run. CNN Money suggests taking advantage of promotional offers on other credit cards (like 0 percent introductory rates or low-fee balance transfers). Transfer part of your balance over to a new card, pay that balance off and then transfer more. If you're not afraid of drastic measures, consider selling your car, downsizing your home or selling other high-ticket items. Some people may acquire enough money to pay down debt by taking on a second job for awhile. For a gentler approach, keep track of your weekly expenses. Then, the following week, cut down on those expenses. Apply the money you saved towards your debt (MSN Money calls this the "snowflake" method).