Most people have unsecured debt. It could be in the form of credit cards, medical bills, store cards, student loans, personal loans and more. The problem with this type of debt is that it can quickly get out of control. If you’re in over your head, don’t despair. Below are some of the ways in which you can manage your debt.

Learn to live on what you earn: One of the first things that you need to do is to have a better control on your money. The best way to start reducing debt is to set up a budget. Budgeting is a way of knowing exactly where your money goes. Add up your income and subtract your expenses, then set up a plan. Be honest about your spending habits and you’ll end up with a more realistic budget. Cut out all the optional expenses and use that money to payoff your debts. Eat at home whenever possible; avoid buying lattes and fast food. Stick with cash-only. After the bills are paid, allot yourself a certain amount of cash for gas, groceries, etc. When the cash is gone, the fun is done.

Pay more than the minimum: If you have been paying only the minimum monthly payments on your credit cards then that may explain your current large debt amount. Paying the minimum is better than nothing, but you wind up paying a lot more in interest as you chip away at the balances.

Plan to pay off your debt: List all of your debts, from the highest interest rate to the lowest. Aggressively pay down the highest-rate balances while making on-time minimum payments on the others. Your budget will dictate how much you can devote to paying down your balances each month. If you have the money in savings, use that money to pay off high interest debt. Use any extra cash - bonuses, extra paychecks to pay down debts.

Earn more: Get temporary overtime work or get a second job till your debt is paid off. You could also try to look for a higher paying job. Review your return on investments and talk to your financial advisor to possibly reallocate your investments funds so as to get a higher return.

Don’t add more debt: The rule of thumb is: don’t add more debts to your existing debt. Use your savings if you need emergency cash or hold-off on any new expenditure. If you need to get a mortgage or a car loan wait till you have paid off your existing debts.

Not everybody has the time or the ability to get out of debt on their own. If you fall into this category then consider getting help from a professional debt management or a debt settlement company.

Whatever you do, don’t give up. You didn’t get into debt overnight, and you won’t get out that quickly. Getting out of debt takes time and patience, but it pays big dividends down the road.