“Consumers should feel free to contact a good credit-counseling agency to obtain free advice with regard to establishing a budget or to learn how to handle unexpected hardships,” Giarratano says.

6. Don’t Become a Victim Identity theft has become an international epidemic, so be extremely cautious when giving out your credit card or personal identifying information. Monitor your credit card bills carefully for unauthorized charges, and immediately report suspicious activity to issuing company.

“Identity theft is often an inside job,” warns Robert L. Siciliano, a personal security expert with Boston, Massachusetts-based SafetyMinute Seminars and author of “The Safety Minute.”

“Lower-level help desk workers and frontline call center employees often have access to all our personal information in their databases,” he says. “What are you doing to protect yourself? If you’re not paying attention, you could be a victim, too.”

And when a disaster strikes, such as recent killer tsunamis in South Asia and East Africa, be wary of scammers from fake charities before reaching for your checkbook. Unfortunately, there will always be unscrupulous individuals who seize such opportunities to profit from others’ misfortune.

“Avoid using your credit card to make contributions,” advises James Walsh, author of “You Can’t Cheat An Honest Man: How Ponzi Schemes and Pyramid Frauds Work…and Why They’re More Common Than Ever.”

“Even though this can be a convenient way to proceed, many crooks are looking for credit card numbers,” Walsh says. “They will press strongly for ‘immediate support.’ Don’t rush.”

Instead, initiate call yourself, and select a reputable charity.

“Go with recognized names,” Walsh says. “No organization is perfect; even best-meaning groups occasionally misallocate money or fall victim to abusive employees. But larger charitable groups—like Red Cross, United Way and Catholic Charities—have mechanisms in place to audit their people and performance.”

Charitable contributions are tax-deductible, so keep good records of all donations—including small cash gifts.

--------- Fox Symes assists all Australians discover truth about their debts and how they can rapidly reduce them. There are methods available to Australian public and you can discover how to use these to assist you in reducing your debt with a free phone consultation from Fox Symes. Visit http://www.foxsymes.com.au or contact them directly on 1300 361 204.

4. Pay More Than You Owe Once you fully understand monthly minimums you owe on each debt, add 5% or 10% to your total payment, if possible.

“The addition is not mandatory,” Peterson says, “but it will dramatically improve success of your debt-reduction program.”

5. Stay Course Continue to pay 5% to 10% more on each debt until all debts are completely paid off. Even if your minimum payment requirements decrease as your debt diminishes, keep making same payment, Peterson urges.

“And if one credit card is finally paid off, make same total payment each month,” he says. “Just apply extra funds to one of other debts.”

6. Do Math Before you dig in your heels and say, “I just can’t do this,” it’s worthwhile to see how Peterson’s advice plays out in real dollars.

“If you owe $2,000 on a credit card with a 21% interest rate, and you make only minimum payment each month, you will owe on this account for approximately 19 years—and pay a total of $6,725.64 in principal and interest,” he says. “The steps I’ve already discussed will help you pay off debt in a fraction of time. The emotional commitment to make this plan work may not be all that easy, but using this program—even without additional 5% or 10%—will allow you to pay off debt in about 8.5 years, and you will save approximately $2,387 in interest.”

7. Turn Tables—and Start Earning Money If you pay off your $2,000 debt in 8.5 years (versus 19 years of minimum payments), you will have 10.5 years to place that monthly minimum payment in an interest-bearing bank account, retirement account or other investment.

“Interest is a magical tool,” Peterson says. “Creditors use it to their advantage all time. It can also work in your favor if properly implemented into right program. If steps mentioned above are taken, it won't be long before interest is working for you, instead of against you.”

------ Australian Debt Reduction offers all Australian consumers free debt consultations to assist them in getting back on top of their debt. They explain debt consolidation in simple terms and if you have over $4,000 in debt there are methods available to Australian public you may not have heard of to help limit amount of interest paid and rapidly reduce your debt. Visit Australian Debt Reduction at http://www.australian-debt-reduction.com.au or contact them directly on 1300 306 272