As daunting as it may seem, getting out of debt is a reachable goal if you are willing to sacrifice and are committed to the task. Discipline is the key as you will most likely be required to make changes to the lifestyle that got you into debt in the first place. Regardless of how far into debt you are the following steps will help you eliminate the debt you have.

Still, you may want to consider consulting a financial professional to make a debt reduction plan or help determine if and when you need to consider bankruptcy. Be careful to select a reputable professional, one that has been certified to provide financial advice.

Step 1 - Get Educated.

If you decide you can go it alone, start by getting educated. The internet is a great source for tips and advice. The local bookstore or library will carry a number of books on personal finance and debt reduction. Many community college and community service programs have inexpensive personal finance courses available.

Step 2 - Own your debt.

You may be thinking to yourself just what do I mean by "own your debt"? You know all too well how much debt you own, right? You see the bills each month! What I mean is this: you must take responsibility for your own debt. Most of us who found themselves in significant debt got there not because of some catastrophic circumstance such as job loss, failed businesses or health problems but because of poor money management.

Now, I don't mean to belittle those who find themselves in debt due to extenuating circumstances. It certainly happens and with increasing frequency with the economy we currently find ourselves in. My sympathies go out to all those in these situations. However, if the rest of us are honest with ourselves, we will admit that we simply spent more than we made and made poor use of credit. Just like an alcoholic or drug addict, we must first admit we have a problem before we can expect to change. We must admit we are the cause of our problem and be willing to change before change will occur.

Step 3 - Stop acquiring new debt.

You'll find it impossible to get out of debt if you are acquiring it faster than you are eliminating it. Don't limit it to just credit cards either. Mortgage loans, car loans and personal loans all contribute. As much as you want that new ATV or boat, you simply must resist the temptation to acquire new debt. If you must have that new TV or toy, put some money away each month in savings. You will have a great sense of accomplishment and satisfaction when you buy that item with cash. Deferred gratification can be a great thing!

Step 4 - Track all your spending.

For a period of 1 month document every penny you spend and I mean everything. You will be amazed how much money is spent frivolously when spent a dollar or two at a time. I used to pay $1.58 for a cup of coffee each morning on my way to work. In the average work month that works out to almost $35. I would usually by a 32 ounce soda on the way home for 99 cents. That totals to almost $22 month. Going cheap at $5 per day for lunch costs another $110. You get the idea. Carry a small notepad or use software on your cell phone to track your gas, deals, rent, utilities, bills, everything. I guarantee you will be shocked at month's end.

Step 5 - Cut your expenses.

After you have tracked your spending for a month take a good, hard look at your expenses and decide what needs to be cut. Some will be obvious, the coffee and sodas got to go. You can make a pot of coffee before you leave. Cut out the sodas and enjoy the additional health benefit of possibly dropping a few pounds.

Some won't be so obvious and may require a little sacrifice. Do you have cable or satellite TV? Do you really need the additional 24 movie channels? How many movies do you really watch in one month? Once my wife and I asked these questions we not only eliminated the $12.99 per month sports and movie packages, saving $26 per month, we downgraded from the premium package to the basic package and saved another $30 per month. We find we spend more time talking to each other now as well!

Some may require some real sacrifice like selling that all terrain vehicle or RV. Not only will you no longer have the payments but you'll save on insurance costs, fuel bills and maintenance costs.

Step 6 - Make a plan and stick to it.

If you don't have a target, you are sure to miss it. This old adage couldn't be truer than here. First, develop a family budget. There are a plethora of web sites and books available to teach you how to develop a realistic budget. The key is to actually do it and then stick to it. No doubt you will have to adjust your budget as time passes. However, you will soon find yourself controlling your spending and finding it easier to make ends meet at the end of the month.

Set for yourself realistic goals. Goals that can be achieved like paying off 1 credit card by year's end. If you set unrealistic goals, you will only experience defeat, frustration and finally give up. We want to feed the feeling of success here. If you set realistic, achievable goals, then your confidence will soar as you see yourself make progress towards eliminating your debt.

Step 7 - Be Disciplined.

Getting into debt took a while and getting out will likely take longer. You will repeatedly be tempted to fall back into your old, bad spending habits. You'll find it a lot easier if you some method of accountability. If you're married, hold your spouse's feet to the fire. If you are single, seek out a trusted friend who is willing to do the same. Sure, it may be a little humbling to admit your financial situation to someone but it will be a lot more humiliating to go bankrupt. Look around for support groups of like-minded people who are in the same situation and can provide support during the tough times.

Step 8 - Pay Yourself.

You've heard the phrase 'pay yourself first'. Beginning to save is an important first step in breaking the debt cycle. Start saving each month. Even a little helps, $50 a month comes to $600 in a year before interest. Besides, you'll have a safety net should an unexpected expense arise that, in the past, would have sent you scurrying for your credit cards. As your savings grow so will your sense of security as you realize you don't have to depend on debt to make ends meet.

Step 9 - Reward Yourself.

Life is meant to be lived not suffered through. While your trek out of debt may be a long, difficult one you need to stop and smell the roses every so often. Reward yourself after you've reached an important milestone in your debt reduction plan. Treat yourself to a night out after you've paid off that first credit card. Just doesn't put it on the plastic! Rewarding yourself after achieving a milestone is a good form of positive reinforcement to help you stay on track. just remember to keep it reasonable, pay for it in cash and have fun!

In closing, what you want to do here is break old habits and create new ones. You need to replace the old, destructive spending habits with new, healthy ones. Instead of spending everything you make, sock a little away each month. Instead of spending wastefully, you want to spend wisely. If you can do this, then you will be well on your way to eliminating your debt and enjoy the peace and freedom that comes with financial stability.