Last December, after twenty years of owing money, I finally paid off all of my debt (except the mortgage — and I’m working on that). Co-incidentally, Leo paid off his debt at the exact same time. I didn’t pay off my debt overnight. It took many years, and I made plenty of mistakes. But with patience and perseverance, I met my goal.

Along the way, I learned that for many people (including me), debt elimination involves three main steps:

1. Stop acquiring new debt.
2. Establish an emergency fund.
3. Attack existing debt.

Based on my experience and the experience of many of my readers, I’ve compiled a brief guide to getting out of debt. The hints and tips below worked for me. They should work for most others in similar situations.