Drowning in debt? Yeah, I was, too. Between my overzealous spending habits from my early and mid 20s to the high cost of my college degree (that I’m not currently using) to business start-up costs, let’s just say I would not have minded if a collection basket was passed around a couplefew times in my honor. Thankfully I have been sooo diligent over the last four years with my spending (compared to how I used to be) that about this time next year I’ll be credit card debt free! And it was a long time coming. I had about $25K in credit card debt four years ago and was being charged all kinds of interest. I was never late on anything, but the burden of owing so much money took it’s toll on me and my freedom.

So I’ve put together some tips that should help you break the shackles debt has around your ankles…

1. Know when enough is enough. Everyone has their own “breaking point” when they realize they must make a change. Doesn’t even matter what the change is—eating better, shopping less, moving on from a bad situation—-you just can’t force it until you’re mentally ready. If you do force it, get ready for some serious backtracking. There will come a time where you’re just tired of the amount of debt you’ve accumulated and looking at clothes with tags still on them.

2. Add it all up and use a debt consolidation calculator. Some people in debt don’t even know how much they owe. It’s just too scary to open up all those Visa bills and tally it all up. But do it because it’s time to face facts and make a plan of action. Get a debt consolidation calculator. I bought the one from Microsoft Money. It’s so cool because you plug in your balance, interest rate, and the amount you can afford to pay each month and it will calculate which debts you should pay off first to get you out of debt sooner. If you’re a Microsoft Excel whiz, you can create a spreadsheet or find quick ones on bankrate.com

3. Budget, budget, budget. Yeah, $6 lattes 3 times a day while you’re in debt? Not a good idea. Besides that’s $6570 a year in lattes (or lunch if you buy lunch). It’s time to find extra money you can put towards debt payments. Brown bag it, trim the cable bill, axe the extra cell phone bill minutes, limit the salon tips, etc. It’s crunch time, folks. Time to live like a pauper.

3. Don’t fall for the okey doke. There is no quick fix to getting rid of your debt aside from a large windfall coming your way. Read all the fine print like you’re studying for the Bar. There are companies out there preying on people overcome with debt who will put you in a much worse situation.

4. Negotiate with the bank for a lower rate. One of the main reasons why people stay in debt is because of the high interest rates they’re being charged. Pick up the phone and calmly call your bank. Explain carefully (yet in a friendly manner) that you’ve been a customer for so long and that you’ve received an offer from a competitor bank for a lower rate. Get the person on the other end of the line to be on your side and then ask for a reduction in your interest rate. No dice? Ask for the supervisor–remember to be polite. You’d be surprised at how far kindness will get you. Still no game? Try writing to the bank’s corporate office. They usually have more authority to make changes that you were told couldn’t be done.

5. Call in the professionals for help. If you’ve gotten no where with trying to sort things out on your own, enlist the help of a reputable debt management company. Do your research first before handing over your information. Check the Better Business Bureau, ask friends and family, or google the company to see what comes up. Many reputable debt management companies are non-profit organizations that charge a small administrative fee each month. They basically negotiate with your creditors on your behalf to lower your interest rates and monthly payments to an amount that’s more affordable than what you were paying before. Be sure to read all the fine print and understand their role in helping you before you commit to anything.

6. Don’t give up shopping altogether. Giving up shopping altogether isn’t realistic—plus the second you deprive yourself of anything you enjoy, you’ll wind up overdoing it. Instead shop smarter. Before you consider a new clothing purchase, first shop your closet. Then if you must, only buy clothes you can interchange with your existing wardrobe and that can be worn hundreds of times in different ways. Plan ahead—start saving now for next spring’s wardrobe. Any new purchases should always be paid for in any excess cash left from your budget.

7. Be positive and learn from your mistakes. Know that being in debt is a temporary situation. No need to beat yourself up about it—it happens to the best of us. Just learn from your mistakes. If you know you’re not to be trusted around credit cards, don’t carry them. And for things you must use a credit card for (like car rentals or hotels) have a check handy to pay the balance in full before the bill comes.