Develop a Budget
Once you have a clear picture of how much you are spending — and have taken steps to reduce this amount — you can see how much money you have left over each month to dedicate to paying off debt.
“Set quarterly goals for debt reduction, and develop a budget with a line item for the debt service,” said Gerstman.
Using a personal loan like one from PenFed Credit Union to consolidate your debt helps your budget by making debt repayment more manageable. Personal loans often don’t have as high of interest rates as credit card debt and other common debts.