Getting out of debt and staying debt free is not an easy task, but not an impossible one. Chances are you didn't get into debt in a day, and you won't get out of debt in a day. Here is an easy to follow 5 Step Plan which can help you get out of debt.

1. Make a List of all your Debts : First of all, figure out how much you owe, to whom and on what terms and write it down. It is advisable to pay off debts for which you are paying high rates of interest first and then the rest. Also paying off the debt with the smallest balance would give a sense of accomplishment and motivation. You needn’t hurry to pay off mortgages and home equity loans only ensure that you do not default on payments. Make a plan to tackle the debts over a period of time and make provision for the same. If you have credit card debts try to get a reduced interest or opt for a balance transfer with a low interest rate. Refinancing or Debt Consolidation loan at a lower interest rate can be considered too depending on your debts. Also figure out the minimum amount to be paid every month to clear off your Debt.
2. Stop taking further Debts : The first step towards debt management is avoid getting into new debts. Stop spending on credit Cards and make sure not spend money on anything you cannot afford, probably the reason why got into debt at the first place. Get into a habit of paying your bills on time.
3. Create a Cash Cushion : Create a contingency fund for emergency expenses which would be easily accessible when the need arises. You could make some money by selling unnecessary stuff lying around or taking up additional income source to supplement the income. Try to stretch your money.
4. Make a Budget and Record all income and Expenses : Make a Budget based on your expense also including a provision for paying back debt. Keep a Record of your Income and Expenses: This actually helps you to track your spending and also avoid unnecessary expenses. Also prioritize your monthly expenses and you'll be able to figure out where you might need to cut back on spending and live within your means.
5. Start paying off the Debts: This time don’t fail on your monthly repayments.

If are unable to handle the debts on your own seek help and join support groups where you can get assistance.