There is one key to paying off debt fast - and it doesn't even take a lot of money. It's completely legal, and doesn't involve getting a new Social Security number, or getting your creditors to take less than they are owed (with you getting a charge off for the balance!).

The simple way to pay off debt quickly is to pay more than your minimum monthly payment each month. That's right: it might seem obvious, but how many times have you thought: "I need this extra $50, I will just make my minimum payment this month, and keep the extra cash, since I don't HAVE to pay it!" It's critical to know that paying only the minimum credit card payment will result in huge interest payments over the life of your repayment, because very little of each payment actually goes to the principal amount of your debt.

Each time you pay your minimum monthly payment, the first thing to get paid is the interest. Depending on your interest rate, this could be a big chunk of your monthly payment due. Do you know how much of your minimum goes toward interest? Take a look at your bill; you may be unpleasantly surprised! For example, it's not unusual to have a $150 monthly payment, with $125 going toward interest. That means that only $25 is paying down your balance, and if you have a large balance, the interest keeps getting piled on. It's also not unusual to have even more of your monthly payment going toward interest first, which means it could take decades to pay off a high credit card balance by making only the monthly payment.

By paying more than the minimum, you are reducing the balance on which interest is calculated. Your payment actually go toward reducing your debt - not just staying current on the interest owed. And, you don't have to make large extra payments (although that would help!) - as little as $25 a month can help chip away at the principal that you owe.

If you have more than one credit card, you should apply your extra payment first to the card with the highest interest rate. This is the card that will cost you the most money over the life of repayment, and the one you want to pay off first. Once that card get paid off, apply your extra payment to the card with the next highest interest rate, and so on. The simple act of adding a little bit to each payment can save you hundreds or thousands of dollars in interest.

Don't discount your extra payment if it's small! Even an extra $10 a month can save you interest, plus it helps rebuild your credit to be paying down your balances faster. If you can find simple ways to pay an extra $10 or $25 to your cards, you'll see that's is easy to cut out just a few impulse buys each month to give you that extra cash.

Be creative in trying to find cash to pay extra payments. You might have a garage sale, or sell items on eBay, or give up a manicure this month and send the cash to your credit card company. Take your family to the library instead of the movies, and put the $30 toward the card you would have charged the tickets on. There are unlimited ideas for saving money to help put toward your debt burden.

You can also start a second income that is dedicated just to paying off your debt. A part-time job is perfect to fit into a busy schedule, or if you would rather not work outside the home, or can't work outside the home because you're caring for family members or for other reasons, you can start a business from home. Either way you choose to bring in additional income, you can dedicate all or part of it toward paying off your debt faster.

By making more than your minimum payment, you will start to really pay off your balance, and not just keep treading water each month. Keep track of your payments with each monthly statement so you can see your progress; it's great for motivation. Watch as the total interest you pay each month gets smaller! See how creative you can be to find extra cash, and keep the interest in your pocket instead of giving it to the credit card companies!