Be it a mortgage, student loan or unpaid credit card, the majority of households hold some form of debt. Not all debt is detrimental, but for the sake of your financial future, it pays to have a handle on it.

Better manage your debt with these tips, courtesy of American Consumer Credit Counseling, a national non-profit organization.

1. Determine exactly what you owe.
Do not live in denial and allow your debt to pile up. Write down every debt you have, as well as the amount you owe. With this information, create a plan on how to best go about paying off each debt.

2. Get organized.
Pull all those bills out of the drawer and get your finances in order. Organization will help motivate you to manage—and ideally, erase—debt.

3. Set up a calendar.
Create a calendar devoted to payments. Mark when each bill is due on your calendar and cross it off once it has been paid.

4. Look for ways to cut costs.
Carefully examine your bills to see if there are ways you can reduce them.

5. Reduce your spending.
Shrink your monthly spending to help you get out of debt at a faster rate. Review your credit card statements to see where your money has been going each month. Create a budget with a budgeting worksheet and stick to it each month. 

Source: ACCC

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