But then I decided to do something about it - permanently! Are you ready yet? If so, here are the seven basic tips I learned while digging myself out from under a hefty debt.

1. Stop spending money. Oh sure, you say - easier said than done. True. But, if I can do it, so can you. Look for any area where you can reduce the amount of money that's going out. Be rigorous. If you can't control yourself with credit cards, then get out the scissors and cut them up. Credit cards can be very helpful in this complex world we live in. But, if you're addicted to spending, it's like having a bag of cocaine around a junky.

2. Simplify your lifestyle. We live in an affluent world and are constantly bombarded with spending temptations that begin to seem like necessities. They're not. You can be happy (possibly even happier) with less. Take a look at every place where you can simplify and save money in the process. Set priorities and start hacking away at all the frills.

3. Increase your income. After you stop spending and start simplifying, look at your bottom line. Is there enough coming in to be able to make more than the necessary minimum payments on your bills? If not, you'll need to find ways to bring in more money. This could be anything from selling stuff on ebay to getting a second job. Opportunity surrounds us. Be willing to do whatever it takes.

4. Make a plan to pay it off. Design your payment program in such a way that you can achieve a sense of accomplishment as soon as possible. For example, you could pay off the credit card with the lowest balance first, while only making minimum payments on your other cards. Or choose the one with the highest interest. Do your best to make it a fun game.

5. Get help from a loan. Once you've got all of your other ducks in a row - spending less money, making more, managing your credit cards and paying off your debt - then you might want to consider a debt consolidation loan or home equity line of credit. However, if you don't have enough income or you're not being fully responsible about your bills, a second mortgage or line of credit could get you into big trouble.

6. Reward yourself. Make paying off your debt your primary objective and find some free or cheap ways to reward yourself with each little accomplishment. You'll definitely deserve it. And patting yourself on the back can help motivate you to stick with your program.

7. Make a commitment to stay debt free. There's tremendous satisfaction and a lot less stress once you've got all the debt off your shoulders. Hold that image and feel the relief it will bring you. A debt free life can pave the way to true financial freedom.