By evaluating our spending habits on a monthly basis, we are likely to find several expenses that are luxuries. Purchases that are not necessary will be the place where you’ll cut back, and find the funds to make a significant payment towards your debt. It may not be a lot, but it is essential to make the effort every month to make more than the minimum payment. Debt consolidation is another tool you can use to stabilize your finances. Combining all your debt into one payment eliminates the possibility of late payments and fees on some credit cards. This makes it easier to keep track of our debt and manage our money, with the long term goal of paying it off entirely.