Jan 25, 2014 1 min read

Mary Loftus, vice president of agency services at Advantage Credit Counseling Service, offers nine ways to reduce debt:

• Resolve to control your finances and stop using credit cards.

• Make a plan to get out of debt in five years or less. Use an online credit card calculator.

• Start an emergency savings fund for unexpected expenses. Use it in place of a credit card.

• Pay accounts on time to avoid fees and higher interest rates, as well as a negative credit report.

• Pay more than the minimum required payment, starting with the highest interest rate account.

• If you already have an emergency fund, apply tax refunds and cash windfalls to credit card debt.

• Have a garage sale and apply the proceeds to credit card debt.

• Select a monthly “penny-pinching” week and cut out nonessentials, such as eating out and lottery tickets. Apply the savings to credit card debt.

• Seek help through a nonprofit credit counseling organization.