After seeing my most recent credit card bill, combined with my lingering credit card debt from my failed mortgage business, combined with my monthly expenses, I have decided to take another necessary but drastic step in my ever lasting battle to get out of debt for good:

Yes, it is time to shred the card.  Today is the day I am going to begin paying down my debts for good.  I feel that now is as good a time as any to start on this long grueling process.  In the spirit of getting out of debt, I have compiled a list of resources for those of you interested in following suit:

• The 12 Step Get-Out-Of-Debt Program from Zen Habits
• 10 Tips To Getting Out Of Debt
• Yes, You CAN Get Out of Debt from Yahoo Finance
• Resolution 3: Get Out of Debt from CNN Money
• How-To Guide: Reduce Your Debt from The Motley Fool

What I Have Found

After my research, I found there are 3 Major Steps to reduce your debt:

1. Budget – You need to bring in more than you spend.
2. Bye, Bye Credit Cards – Stop using them, but don’t get rid of them.
3. Plan – Create a plan for paying down the debts

These are the basic rules to begin.  However, each of these steps requires researching some more on your own to find out which way suits you best.  For example, I own a business, and have very little ‘steady’ income to count on.  Therefore, I am in a totally different position than someone on a fixed salary.  Our plans may look totally different, but our steps will be the same.

Since I am still brand new at this, I was wondering if any other readers out there have any further advice for me.

How do you handle your Debts?

Any and all strategies are welcome.  Hopefully, we can build a monster list of ways for all kinds of people to begin to pay back their debts, and gain an edge in the battle for financial freedom.