1. Know who you owe Get a copy of your credit report. List all outstanding debt to include the name of creditor, balance and APR. 2. Set SMART Goals around getting out of debt: SMART goals are specific, measurable, attainable, relevant and time bound. For example, pay off $5,000.00 in credit card debt within two years. 3. Implement the best strategy Power Pay – develop customized plan to stop adding to debt and once a debt is paid off, allocate the funds to another debt. Pay the lowest balance or highest interest rate first. Refinance your current loan for a lower interest rate and monthly payments. This is ideal for mortgage and auto loans and improves cash flow to pay down other debt. A debt consolidation loan can be advantageous if you don’t take on more debt after consolidation. This provides a definite time period to get out of debt. 4. Stay out of debt Implement the PYF principle (Pay Yourself First). Have an emergency fund for unplanned expenses (car repairs, medical expenses, home repairs, etc.) or loss of income.