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As someone who signed up for her first credit card while still in college with no regular income of my own to speak of, I know how easy it is to get into debt and how hard it can be to get out of it. If one of your financial goals is to rid yourself of the debt albatross, there are tried and true ways to go about it and pitfalls to avoid.

First, bite the bullet and figure out exactly what you owe. Get out some paper or open your spreadsheet software and create five columns: Debt Name or Creditor, Current Balance, Interest Rate or APR, Payment Due Date, and Minimum Payment Due. Next, fill in all of the information on the debts you have outstanding and total the current balance and minimum payment due columns. Then determine how much you can pay each month towards your debt and subtract from that the minimum payments due column total to see how much extra you will be able to pay towards eliminating your debt.

Second, develop a payment strategy. There are two theories on how best to pay off your debt: 1) pay down the debt with the highest interest rate first, or 2) start by paying off smaller dollar amount debts to build positive momentum. The first strategy satisfies your logical side. By lowering the debt you owe with the greatest interest rate, you lower the overall amount of interest you will pay on your debt. The second strategy is more emotionally satisfying. By knocking out a couple of smaller debts, you feel a sense of accomplishment and reinforce your dedication to debt reduction.

Personally, I say go with whichever strategy you’re most comfortable with and can maintain. You can also combine them and pay a percentage towards both your highest interest debt and your smallest debt at the same time. Remember, though, each of these strategies requires you to continue to pay the minimums on all of your balances each month to avoid late payment fees or overdue amounts.

Reducing your debt also means dealing with your spending. If you don’t, you’re just bailing water out of boat with a big hole in the bottom. Fix the hole, and start paying for things with cash, when possible. Use credit cards judiciously by keeping track of what you are spending. If you don’t have the cash to buy the item or pay off what you purchase each month while also paying down your existing debt, then you should ask yourself whether you really need the item in question. For bigger ticket items, look into layaway options or save up for the purchase, so you won’t incur additional debt.

If you are having real trouble with debt or perhaps you can’t meet your minimum payments due each month, it might be time to get some additional help. The National Foundation for Credit Counseling offers financial literacy and debt management education services especially for NEA members through NEAMB.com. There are also a number of informational articles on NEAMB.com you should read that deal with credit repair clinics, evaluating debt settlement companies, and creating your own credit card reform act.

Getting out of debt is going to take some determination on your part, and you will need to stay focused on your goal. It may be hard, but with perseverance, you can overcome debt.