dgorilla1: I think
you have already taken the first step by acknowledging that you are in debt and starting to look for information on how to reduce debt! Just keep at it and you will definitely be debt-free soon! A few years back, we were in a similar situation with about $42K in debt (credit cards + car loans + private student loans). We got rid of it and the feeling of being debt-free (apart from mortgage) has been incredible!
I wrote a detailed post about my experience on my blog. The link is
7 Steps That Made Me Debt-Free.
Here is a quick summary:
1.
Stop adding any more debt (This one is self explanatory)
2.
Know your personality (You need to know how much you are willing to push yourself without breaking down and giving up)
3.
List your debt and sort it (Do you want to pay the least amount in interest or have the best psychological advantage?)
4.
Negotiate lower rates or transfer balances (The debt will not go off overnight - so minimize the amount of interest paid)
5.
Plan the attack strategy (based on 2, 3 and 4, determine what is the best way to go forward)
6.
Implement the plan (Make as much of it automated as possible, so you dont have to keep worrying about debt - psychologically this was very helpful to us)
7.
Periodically re-evaluate (Every now and then, return back and repeat 4 and check if 5 and 6 need to be modified)
That's it. If you stick to this plan and exercise some discipline, it will work. Atleast, it did for us
Good Luck.