There are a number of different strategies you can use to target which debts to pay off first, each with their pros and cons. Nobody wants to go through a bankruptcy if they can avoid it, so it's important to get your debt under control.

Regardless of the method you use, the first step is obviously to stop creating more debt, meaning you'll need to stop spending more money than you make each month. 

The second step is to pay off the minimum amount on each of your bills each month to avoid racking up late fees, which can very quickly cause your debt to spiral out of control.

Once you've covered the minimums, you'll need to set aside the amount of money you need to cover unavoidable expenses, such as rent, utilities and groceries. While you should cut back on grocery spending by not purchasing extra treats, you'll need to spend at least a minimum amount on food. Try spending $20 less each month to increase the money you have to pay your bills.

Any money left should be used to pay down your debt. If there's no money left, you may have to take a hard look at what you consider your minimum spending. Maybe you need to cut out things like cable TV, switch to a cheaper phone plan, cancel your gym membership and adjust your thermostat to limit heating and cooling expenses. 

Now, it's time to choose how you target debts to pay down.

1. One method is to pay down the debts with the highest interest rates first. This helps limit the amount of interest you pay overall. However, if the highest interest debt is very large, it may be hard to maintain your motivation.
2. Another option is to pay off the smallest debts first so you can quickly see the number of bills you need to pay each month going down. This can help keep you motivated to continue working hard to pay off your debts.
3. A third choice is to pay off debts that don't increase first, such as loans, and then pay off those that can increase, such as credit card debt. Once these debts are paid, they're gone, unlike credit card debt, which can quickly be built back up again once you pay it off.

When you've cut your spending down as much as you can, try coming up with ways to earn more money so you can pay off debts even faster. Consider a part-time job and take advantage of sites that pay you for doing things you already do, such as searching the internet. For more information, look into debt counselling with Moses Advisory Group Inc. or a similar company.