I'd like to make this overly simplistic suggestion to all my SOC (Sound Of Cannons) readers. Cut your debt in the fastest and safest way you possibly can. There are literally thousands of good resources to investigate to make your debt reduction strategy. If you're just too far behind the 8-ball, get radical. And no, I am not suggesting bankruptcy. Here's a Top Ten list:
1. Cut out all your travel vacations until the debt is gone.
2. Suspend all of your restaurant dining plans for the forseeable future.
3. Sell all your worthless junk and unused household items on EBay or at a garage/yard sale.
4. Make due with old(er) cars and limit your transportation to only necessary trips.
5. If you're renting and living alone; then give up the privacy and get a responsible and likeable roommate to share costs. Yeah, it might suck, but you've got to get your financial head above water.
6. Pay off the bills to the point of financial pain. If it only leaves you $20 of discretionary income for the week, again make due. Make those payment checks as large as you possibly can within the limits of your financial resources.
7. Keep track of utilities and spending. Limit them accordingly. Wear an extra sweater in winter and just wear a t-shirt in the summer, but keep the thermostat in check with a savings plan. (i.e. I need to cut 20% off my monthly utility costs to increase my debt reduction payments)
8. Keep "lifestyle" costs in check. You'll be amazed at what a little less impulse buying will yield.
9. Use secondary and "used" retailers to make your retail purchases. Big Lots, OS Job Lot, Goodwill, etc will all help you reduce your output of financial resources while keeping you comfortable.
10. Suck it up and cancel or downgrade your cable television and/or daily newspaper delivery. This is a last resort, but they're expenses you can do without if you're way behind the debt 8-ball.