Doesn’t that sound wonderful? We all dream about being debt free. Of not being a slave to our debt. But we don’t know how to get there. The idea of being debt-free is such an odd thing for most of us. Debt has become the norm.

According to Bankrate.com, the average household debt, not including mortgages, is $14,500.00. And many families are living paycheck to paycheck.

When that is the case, how do you get out of debt?

You snowball it.

The idea is simple: pay minimum payments on all of your debts except the smallest one. Then attack that one with "gazelle intensity" (That’s Dave Ramsey speak for get rid of it as if everything depends on you getting rid of it). Every single extra dollar you can get your hands on should be thrown at the smallest debt until it is gone. Then, you attack the second debt. Every time you pay off a debt, you take that payment and apply it to the next debt.

As you keep moving through the debt, paying it off, you have more money to attack the next debt… then the next… and the next… It builds up like a snowball.

Next week, I will be discussing the myths about debt. But for now, head over to the Blissfully Domestic forum to discuss what you’ve learned about credit card debt.