Our church is going through a money management series called "It's a New Day for Financial Freedom" by Crown Financial Ministries.
They give ten practical steps for getting out of debt.
Here is a summary of the steps:
1. Pray for God's provision (see 2 Kings 4:1-7 for an example).
2. Start giving regularly (Malachi 3:8-10).
3. Don't go further into debt. Stop charging with credit cards!
4. Establish a written spending plan by writing down every penny that you spend for a month, and then developing a spending plan that is realistic and living within your means.
5. Open a savings account and contribute faithfully to it until you have $1,000 in savings for emergencies. (This prevents further debt because you can use your savings for unexpected expenses.)
6. List everything your own and see if you can sell unnecessary assets to eliminate debt (Proverbs 27:23).
7. Make a list of everything you owe.
8. Establish a debt repayment schedule. Pay off the smallest debts with the highest interest first. When that debt is paid, apply that payment amount to the next second debt, and so on. See Crown Financial Ministries for free calculators and tools that can help at www.crown.org/Tools/Caculators.
9. Consider earning additional income.
10. Consider a radical change in your lifestyle (Romans 12:1-2).