"Help me get out of debt, you say?" OK. Getting mired down in too much debt, especially personal debt, like consumer credit card debt, is a very common problem nowadays. You need to assume control of your situation and do what you must to start paying down on your debts. Here are 7 Top Strategies for Settling Debt that can help you:

1. Take responsibility. It's a psychological thing. You'll want to assume responsibility for your debt situation, recognize that you got yourself into it and you are going to really need to get yourself out of it. When you blame someone or something else, circumstances, these tough economic times, whatever, you will likely make excuses instead of doing the things you need to undertake to get started paying off debt. Ask yourself, "Who is going to help me get out of debt?" Then answer, "I AM!"

2. Take inventory. It's essential to have a clear picture of all of your debts. Make a list of name, balance and effective rate of interest on all of your debts. Get control of your monthly cash flow. Exactly what have you been spending and also on what exactly are you spending it? Carry a pocket notepad and record All of your expenditures for a month. Come up with a budget; what will you really need to expend each month? List your budgeted outgo, subtract this from your monthly income to get the amount you are able to pay down monthly.

3. Study your income and outgo. Search for ways to raise your income and minimize your outgo. You will need to tighten your belt, postpone or forget expenditures you can avoid, as well as finding ways to earn extra cash. You have got to get ahead of your monthly payments enough to start having the highest cost ones cleared and off of your back.

4. Make a plan, get started. Make your budget, then when your income comes in, set enough aside for those budgeted expenditures. Then utilize the remaining balance to pay down your most costly debt. You should usually choose to get out of credit card debt first, because it is generally the most expensive.

5. Fine-tune the setup as required. Keep tracking your monthly expenditures exactly. Give thought to what expenses you'll be able to reduce or eliminate. Seek out supplemental sources of income. Use your ingenuity. Find ways to be able to make bigger payments on your debts.

6. Keep going; baby steps count too. Never get disheartened. You did not get into your fiscal problems in a month, and you won't get out in 30 days either. Sometimes this can be tough, challenging. Don't stop. Do what you are able, the best that you can. Remember, baby steps count too. Just keep moving forward, in the direction of your goals.

7. Leverage your progress, by first paying off debt that carries the highest interest rate. Paying off $1000 of 5% per month debt provides you with $50 more the following month! You may use that for paying high-cost debt down further, and compound your rate of progress.

That's the essence of it. Continue with the 7 tips above, stay with it, keep moving, and you can and will get there! The key is to always live within your income and have a surplus. You should have that to get rid of debt and later, to save up a nest egg for investments and a near future contingency account.

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