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possibly can to get it paid off fast. This is a huge morale booster. Seeing that first card at zero is a rush! I know, financially speaking, it is better to pay off the highest interest first. However, in my experience, I know I could not have stuck with it as long if my first victory was a year and a half away.

If you prefer to take the higher interest cards and pay them off first, there is certainly nothing wrong with that. But for those who need a little ray of hope at the bottom of the pit, start with the small victories.

For those of you wondering about doing the balance transfer game, just a word of caution. Read the fine print. Recent changes in credit card policies have made it nearly impossible to get ahead by doing this. Many companies have taken off the cap on balance transfer fees. It used to be that many would charge no more than $75-$100, no matter how much you transferred. Now, there's no limit for most. By the time you have paid off the fees, your low-interest rate has now expired. Do yourself a favor, and don't play their games.

4. When you pay off your first card . . . ok, do your happy dance . . . and then apply what you were paying on that first card to the next one. You will start to see big things happening when you do this. That balance will seem like it is magically disappearing. Keep at this. Be persistent. You didn't suddenly wake up in debt, and you won't suddenly wake up without it, either.

5. Prepare for the worst. Not to be a downer, here, but life happens. Your car will break down, the kids will get sick, you lose your job, and so on. It happens. And when it does, it will be tempting to lean on those credit cards again. Don't let it become an option. You've worked too hard. That's why everyone needs and emergency fund. The rule of thumb is three to six months salary, but in today's economy I'd err on the side of caution. Six to twelve months seems safer to me, but save to your own comfort level.

Living debt-free is like a mirage in modern countries. We all seem to run full-speed ahead in search of the good life. Truth is, we could have had it a long time ago if we had just had the strength to tell ourselves no.

Learn more about this author, Jenna Marshall.
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