The Debt Snowball

While I wouldn't call myself a Dave Ramsey fan, I certainly respect the message and the implementation that seems to be working for many people.

I think the debt snowball is a great idea, however. It goes like this: 1) you figure out how much a month you can pay towards your debt - let's say, just credit cards (although it could be anything). 2) List all of your debts, the amount, the interest rate, and the minimum payment. 3) Pay the minimum payment towards each debt except the debt at the lowest dollar amount. Throw the rest of your debt-paying money at that lowest debt, until it's paid off. Then move on to the next one. Here - check out this better explanation.

This spreadsheet (you have to download it) is great. I highly recommend it. There is also a video that explain how to use it, which is not necessary but is helpful.