Applying principles by famous financial advisers are also good ways of eliminating one's debt. It always helps to hear from people who have “been there, done that,” especially in terms of finances and budget management. The advice that these people offer are usually helpful and priceless. Two noteable financial advisers who are popularly known for their effective methods and strategies in debt management are Suze Orman and Dave Ramsey.

Suze Orman's approach is all about strongly empowering individuals to conquer their fears on debts head on. She has appeared in Oprah numerous times, giving advice to people--women in particular--on how to create a feasible and workable debt management plan. She has also authored best-selling books dealing with the topic. Orman created the Twelve Steps to Wealth program, a result-oriented action plan on handling debt and wealth.

According to Orman, a good way to eliminate debt is to start paying off credit cards or other debts with the highest interest rates first. Her approach deals with conquering the bigger mountain of debt first, before shifting focus to the loans with lesser interest rates. Orman also strongly suggests to pay amounts higher than the minimum due each month. Savings are not an immediate concern; this is best done, she says, after all the debts have been taken care of.

Dave Ramsey, on the other hand, has created the successful and highly-acclaimed Debt Snowball approach. Ramsey is also an acclaimed financial advisor, authored books that have appeared on the New York Times bestseller list, and hosts his own radio show. He also holds financial management workshops not only to adults, but to children and teenagers as well.

The debt snowball method is a radically different way to approaching debt elimination. If Orman's approach asserts fearlessness and a sense of responsibility and ownership on an individual's bills, Ramsey's plan of action for eliminating debt focuses more on changing and modifying one's behavior in a more laid-back manner. It utilizes positive reinforcement on the part of the debtor. Instead of immediately paying off the larger debts first, Ramsey advises his customers to pay off the debts that have the smaller balances first, then working on the ones with bigger balances later. When they start seeing results by seeing that the smaller debts are getting taken care of, encouragement is built up in the debtor, and the bigger debts become less intimidating to tackle. Confidence is built based on the outcome that they see on their bills getting taken care of. This approach is more often applied to revolving lines of credit, such as credit card bills.

In fact, Ramsey suggests paying for the minimum amount due for every bill each month. Doing so allows debtors to save up for emergencies and other unforeseen circumstances. The ideal amount that Ramsey affirms for the emergency fund is at least a thousand dollars. He even exhorts individuals to do whatever it takes to come up with the thousand-dollar fund—get a second job, scrimp on daily expenses, and yes, pay for the minimum due on the bills, the works. Ramsey’s premise is based on giving the individual breathing room to be able to still continue to pay their bills in spite of events that are beyond one’s control. Ramsey also underscores the fact that the emergency fund is solely for emergencies, and nothing more. If an urgent situation does occur and the funds are depleted, Ramsey advises to repeat the process of scrimping, saving, and allotting funds towards the fund, enough to get it back to its original amount.

Not everyone can get out of debt on their own and need the help of a professional debt relief service. If that’s you, read this article about the best way to eliminate credit card debt with third-party help. If you find that you want to avoid debt consolidation, read this article about eliminating credit card debt on your own.

Another related topic answers the question of which debt should I pay off first?