It would probably be safe to say that almost everyone on the planet carries some amount of debt, and Malaysians are no exception. Being in heavy debt however can be as scary as a horror film but, like most horror films, a happy ending is possible.

Here are some things that can be done to get out from under the burden of debt.

1. Set a target. Before even making the decision to pay off debt, set a target. Compare how much money is available to the amount owed and then come up with a plan. This makes it easier to monitor progress and stay on track till the goal is achieved.

2. Create a budget and stick to it. Warren Buffet, Donald Trump, Bill Gates and Mukesh Ambani have one thing in common. They are rich. But guess what? They all have budgets they strictly follow.

Budgeting is a simple way of telling money where it should go. A thorough look at previous expenses with bank and credit card statements should show where the money is going.

3. Pay off the biggest debt first. This usually applies to credit cards. Identify credit card interest rates from the highest to lowest and pay off the card with the highest rate first.

Increase payments on the one with the highest rate while making the minimum payments on the rest. This may help ease the burden.

4. Leave your credit card at home. It’s sometimes best not to take a credit card everywhere. As hard as it may sound, try to leave all credit cards at home when going shopping. There is no need to elaborate further.

5. Strike them out. Look back at your expenses from last month. Was there anything that was not absolutely necessary? Eating out too often? Entertain too much?

Pay special attention to regular monthly subscription services that can add up over time. Then apply these savings to your debt.

6. Garage sale. Is there stuff taking up space at home that is not really needed? Look around, maybe there are larger items taking up space, such as unneeded furniture, which could be sold to pay off debt and reduce the financial burden. Host a garage sale, sell items on eBay, or organise an online yard sale on Facebook and other sites.

7. Goodbye, old self. Is that daily latte necessary? Can you bring your lunch to work instead of buying it four times a week?

Look at what can be changed without sacrificing too much lifestyle. More often than not, the daily habits and routines are what created the mess in the first place. Examine what is spent every day, from food to gadgets and clothes.

8. Increase income. One might think getting a better paying job is the way to increase one’s income for the same amount of hours put in.

But if the earning capacity of a well-liked job is maxed out, why not get a second job? It could be just for a short period of time until all debt is paid in full.

9. Consolidate loans. Individuals who are in debt don’t usually prioritise saving. But with no savings, credit cards again become the payment method of choice and the debt increases again.

The key to benefitting from a consolidation loan is to use a spending plan (a budget) to ensure spending is kept under control and some money is set aside each month for emergencies or unplanned expenses, which will inevitably occur.

10. Take advantage of balance transfers. A balance transfer allows an individual to transfer the outstanding balance from one credit card to another. A time period must be agreed with the bank to repay the credit debt in monthly instalments.

Balance transfer credit cards are the best option for those struggling to pay off the bills every month. Debt from several credit cards can be consolidated into one.

This article appeared in kclau.com. It was contributed by Vino K of CompareHero.my, a site dedicated to increasing financial literacy and helping to save time and money by comparing credit cards, personal loans and broadband plans in Malaysia.