by Elizabeth Curtis

Created on: July 22, 2008   Last Updated: May 08, 2009

Debt has become the new American way of life. "Buy now, pay in ten easy payments!" Unfortunately, debt brings with it increased stress and headaches for those who wake up and realize that all those easy payments have eaten away at their monthly income. Here are some 'do's' and 'don'ts' for managing your debt payments:

DO sit down and write down all your debts and monthly payments. I know, I know it hurts, but you can't control it if you don't know what it looks like. List them all, every one.

DO take responsibility for buying all that stuff. You know you did it, and you probably enjoyed it at least a little. You own the stuff so you might as well own up to the actions!

DON'T beat yourself up about it. Were you surprised to see all those debts listed down in our first step? Dwelling on why you charged that entire trip to Vegas on your credit card that already had a balance won't help you get it paid. Remember to take responsibility for your actions and move on.

DO know that you are not alone. Seek out advice from others who have been where you are and have gotten out. Financial personalities like Dave Ramsey or Suze Orman both have good ideas for dealing with debt. Listen to them and decide what your best course of action will be.

DO get current on all your debts to start your plan. That should be your first step before . If you can't get current on all of them, work your way through them, concentrating on keeping a roof over your head, utilities and daily living expenses.

DO analyze what kind of debts you owe. Then work out a plan to pay them off. Separate mortgage debt from consumer debt and car debt. Stay current on your living expenses so you can eat and keep a roof over your head. Then, start hacking away at those credit cards.

DO use some form of the debt snowball to take on those credit cards. When you usethe debt snowball you pay the minimum payments on all your debts except one. You pile as much extra money toward that debt as you can until it is paid off. Then you take that money that you had been using to pay down that one debt and add it to the minimum payment of the next debt on your list and concentrate your efforts on that. As each debt is paid off, you continue to add the amount you had been concentrating on the debt to the minimum payment for the next debt until they are all paid off.

Like a snowball, your money picks up momentum as you roll it on through your debts. Some personal finance writers recommend paying off those debts with

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