Do the math. How much do you still owe? This includes credit card debt, car loans, and the mortgage. See how much you’re in the hole and calculate how much you pay.

Pay them quick. For smaller debts like credit card charges, it’s best to deal with them straight away. Pay the whole amount and never settle for just the minimum payment. Interest kills.

Some credit cards offer charge transfers from other cards for less interest. If you can, consolidate them under one card so you only have to manage one account. Then cancel accounts and cut up those other cards.

Work out how much extra you can pay. For larger loans like car loans and house mortgage, work out how much extra you can pay each month. Trimming off extra years or even months on the term means less money lost on interest.

Interest. Interest only kills when you don’t pay in full. So make sure that you pay the full amount on your statement every month. When gunning for installment purchases, make sure that you go for zero percent interest rates.

Annual fees. Quite honestly, I don’t get the point of annual fees. The bank or the card company already charges the merchant every time you use the card, so the fee’s just another way for the company to get money. The way I get around this is to use the points that I earn to offset the fee. This way, I don’t pay anything extra with my card.

Faud. Make sure that you keep your credit card in a secure place. Keep an eye on your card every time you use it. Review your statement and contest every item that’s not an authorized purchase. And if you find anything awry, push your case to the company to get it resolved.

When you don’t have an emergency fund. Emergency funds are crucial as proven by today’s economy. So be sure that you allocate some funds (while continuing to service your debt) to build up your emergency fund at least until you can put up a month’s worth of living expenses. Then you can channel your efforts in debt servicing especially if you’re paying off debt that kills you with interest monthly.

When dealing with fixed rates. Some loans have fixed interest rates for fixed terms. Loans like car loans might give you a fixed rate for a fixed term. Check if you can make early payments that would chip away at the interest. If your loan papers with your bank or lender doesn’t allow such arrangements, then simply maximize your loan terms and have the flexibility to juggle your funds to other efforts.

Credit cards are a no brainer. Hardcore personal finance advisers would tell you that there’s absolutely no need to get a credit card. It’s simply because, often times, you’d be using it buying everyday stuff that you should be able to afford with cash.

Now, larger loans such as housing and cars are different since they often alter the way you spend not only in a monthly basis but in general. Payments will factor in as a recurring expense and you have to adjust your lifestyle if you want to get out of debt fast.

Do the math. Low monthly payments but longer term, means you’ll be throwing away a lot in interest. So the key for large debts is to manage a couple of key factors: the equity that you can afford and the amount you can pay monthly.

The larger the down payment or equity, the lesser the loan (the lesser the amount on which interest will be slapped). The shorter the term, the lower the interest. So the key is to effectively configure them so that you pay as quickly as possible and pay as little as possible per month.

Just make sure that you can afford it before committing yourself to it.