• Getting out of debt provides a large degree of financial freedom.debt defined image by Christopher Walker from Fotolia.com
  
  Getting out of debt can be a long-term project, but there are some ways to speed up the process. If you have $9,000 in credit card debt at 15 percent interest and make only the minimum payment every month, you will spend 19 years paying off the card, according to CNN Money. An aggressive debt-management plan can significantly cut the amount of time and money you spend getting out of debt.
  
  

Stop Charging Purchases

• Avoid increasing your debt by purchasing items on credit. If you do not currently have the money to buy something, do not charge it to an account and assume you can pay for it later. To avoid accumulating more debt, pay for everyday purchases with cash or a debit card and save the credit card for emergencies. Once a credit card balance has been fully paid off, start using the card again only if you can pay the bill in full every month.
  
  

List All Debts

• Debt does not necessarily seem like a big problem when the debts are scattered between many different accounts, none of which are very large. But not knowing how much you owe or when you'll be debt-free can be overwhelming. Start by collecting statements from all credit accounts and loans and making a list of debts owed. The list should include the outstanding principal amount, minimum monthly payment and annual interest rate for each account. Assessing the situation empowers real progress toward getting out of debt.
  
  

Lower Interest Rates

• Good debts are those with interest rates under 10 percent per year, especially if the debt was incurred to buy something that appreciates in value such as a home or education, according to The Motley Fool. For any accounts with interest rates above 14 percent, call the company and ask for the rate to be lowered. If you have decent credit and indicate that you may transfer the balance elsewhere, the creditor may agree to lower your rate to something more reasonable. If not, shop around for a credit card with 0 percent APR for six to 12 months on balance transfers and a rate thereafter equal to or lower than that of your current card.
  
  

Make Extra Payments

• In addition to making the minimum monthly payment for all debts, make extra payments toward the debt with the highest interest rate. This strategy helps you to pay the least amount of interest possible as you work to get out of debt. Once the highest interest debt is paid off in full, attack the next highest debt with the same strategy.
  
  

Find Extra Income

• For those who are committed to getting out of debt, spending a year or two working really hard and paying off debt can lead to many years of freedom when it is done. Consider taking some extra shifts at work or getting an evening job, applying income tax refunds toward paying off debt and even using money received as a gift for a birthday or Christmas to make an extra credit card payment.