When you suddenly realize that you have acquired a massive debt and need to do something to relieve the burden, you have two basic options. You can either spend less so there are more resources available for paying off your loans, or you can find a way to earn more. Spending less can generally be much easier than finding a new higher paying job but it requires the daily expenditure of willpower to keep from purchasing frivolous things.

Many think that a debt reduction plan automatically lets them pay less on their debt. In truth the debt is still there to pay regardless of whichever system you use to attempt a debt reduction. It doesn’t really go away until you pay.

There are some situations where debt consolidation can work to help you reduce your debt and daily cash shortages. If your situation is becoming critical enough that you need the risk, at least seek out the lowest interest rate coupled with the shortest-term loan available. However, you don’t really save money by taking out more loans as they too will have their interest charge and, if it is a secured loan, can create more trouble if you ever default on a payment.

Using the “snowballing” method tends to prove itself the best overall method for debt reduction but remember that you still need to reward yourself sometimes when you reach specific goals along the way. Remember that even with self-rewards, the money you spend on them removes that amount from what could have been applied to further reduce your debt. So finding simpler pleasures for a while can help you ultimately become debt-free so you can reward yourself however you like.