Once you have automated your debt payments, you can breath a sigh of relief. Many of your debt worries are behind you. The only thing left to do is to monitor your progress. [...]

Just like anything worth doing, getting out of debt takes self-discipline. Whether you want to wake up earlier, get in shape, or quit smoking, will power is the key to achieving difficult goals. Unlike those other tough tasks, however, you can actually use technology to overcome poor self-discipline when it comes to getting out of debt. [...]

Only after you have gotten in the habit of making regular increased payments towards your debt should you begin exploring other debt elimination tricks like debt negotiation and debt consolidation. All of the shortcuts in the world can’t help you get out of debt if you do not first develop the self-discipline to live within your means and devote additional income to paying down your debt. [...]

Nobody can get out of debt without the right debt management plan. Pick a plan that is too aggressive and you may not be able to keep up; go with a “too affordable” plan and you won’t get out of debt as fast as you should. One the flip side, if you are too aggressive with your debt management plan and put too much money to debt each month you may not have enough left over for necessities or emergency expenses. That can lead to new charges on your credit cards, negating your hard work. [...]

The second step in my Debt Free in Seven Steps system involves composing a clear picture of the debts you want to get rid of, any assets you are willing to liquidate to make debt payments, and your monthly cash flow. You will want to have copies of your most recent credit card and loan statements, bank or investment statements, and a pay stub. A calculator and pen and paper will also be helpful. Ready? [...]

Faced with debt it is tempting to spend sleepless nights aimlessly crunching numbers, as if the right few calculator taps will make that red ink disappear. Sadly we both know that won’t happen—wading through your bills unnecessarily will only exasperate you, and tomorrow you could end up charging three lattes just to perk up for work. But don’t take debt off your mind just yet; ignoring those bills is another fast way further into the hole. [...]

Got debt? You’re not alone. The average American’s credit card balance is over $8,000. In 2001 we paid $50 billion in finance charges, and 1.3 million people declared bankruptcy. Fortunately, you can become debt free. If you’re ready to eliminate your debt once and for all, here are the steps I’m following to reduce my debt. I’ve already cut a total debt of close to $100,000 in half, and I hope to be free and clear of the remaining balances in one to two years. [...]

These rising interest rates are bad news for those of us hacking away at our credit card debt. A couple of years ago I thought I was safe because my cards had so-called “fixed interest” rates, not variable prime-plus rates most cards are infamous for. Surprise, surprise, when the rates really started to take off my credit cards sent me nice little notes with how much my “fixed” rate was going up. One went from a decent 9.89% to 15.90% and the other from 14.99% to 17.99%! Good Lord. Eventually I’ll be in the position to negotiate these down, but with my current balances they just laugh at me — they know I’m not getting any other offers. Debtors beware the rising rate! Check out the Debt Zapper Calculator at Credit Card Nation to compare what different rates will cost you, or see how fast you can pay down your debt.

The IRS may be good for something. BusinessWeek reported yesterday that the IRS has revoked the tax-exempt status of 41 “nonprofit” credit counseling agencies. [...]

Millions of young workers graduate in debt and wonder: When I become eligible for a 401(k) or another tax-deferred retirement plan, should I contribute to the plan even if I could use those funds to pay down debt? [...]