Increase Payments

• Many people get into the habit of making the minimum required payment on their credit card bills and other expenditures. If you can increase those payments, then do so: Your debt will start moving in the right direction. Always pay more than you spend every month--the additional money helps pay off the principal--and pay careful attention to the interest rates on your various cards. You may also be able to consolidate your debt by transferring the balance on a high-interest card to one with a lower monthly rate. That decreases the overall minimum payment you have to make and allows you to devote more money to paying off the principal.
  
  

Tap Into Alternate Sources of Income

• If you have access to additional finances, consider using them to pay off your debts very quickly. If you have a savings account or similar long-term account, tap into it. If you own a home, look into restructuring your mortgage or taking out a home equity loan to consolidate your debts. You may have a vacation home, a boat or a similar piece of property that you can sell off in order to balance out the difference. In some cases, you can borrow money against a life insurance policy or borrow against an existing 401(k) plan. Such methods don't always pay off the debt immediately, but they simplify the matter considerably--leaving you with one single payment each month--and often charge lower interest rates to boot.
  
  

Negotiate With Your Creditors

• In some cases, creditors may be willing to reduce the amount you owe as a way of cutting their losses. Your creditors don't want you declare bankruptcy, and if lowering your interest rates or monthly payments can prevent that, they may demonstrate some flexibility. Speak to them directly, be clear about your circumstances and ask them to renegotiate the terms in light of the current situation. If you don't wish to speak to them directly, you can contact an organization such as the Better Credit Bureau and have it help you. It can also provide advice specific to your circumstances, allowing you to negotiate with your creditors from a stronger position.