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This one may fall under the category of tough love but the website StickK.com has social networking tools that would allow you to broadcast a goal such as reducing your debts to family members and friends. The site has more than 150,000 users, one-third of whom have chosen to pay a financial penalty to some worthwhile charity if they fall short of their goals.
It all starts with a budget
Regardless of which of these online tools you choose to help you become debt free, everything starts with pinpointing your spending. The basic fact is that you just can’t reduce your spending to pay off your debts until you know where your money’s going and where you could make cuts. This is where budgeting comes in. Whether you choose an online product like Mint.com or use a spreadsheet program, you need to categorize your spending and then create a budget. You also need to compare your spending with your total income. If you find yourself falling further and further into debt each month it's because you're spending more than you earn. This means your first goal should be to reduce your spending to the point where it's less than your monthly income. Following this, you should set a goal such as reducing your overall spending by 20% so you will have money to pay down those debts. This is really not rocket science. You simply need to spend less than you earn so you can use the difference to pay off your debts – and climb out of debt hell.
Finally, here’s a video that explains more about how you could pay off debt using the snowball method and just $200 a month …