You've charged it up -- now it's time to pay for it.

If you're up to your eyeballs in credit card and other debt, paying the minimums and little else, it's time to get serious.

The best way to get rid of debt, experts agree, is to attack the balance with the highest annual percentage rate first.

When that one is paid off, move onto the debt with the next-highest interest rate.

An alternative plan -- littlest first
What about knocking off some low-balance bills first and eliminating a bill or two from that thick monthly pile? Experts respond: Go ahead, especially if it will give you the boost you need to stick with a pay-down plan.

"It makes better financial sense to pay down the highest interest rate first. But people get discouraged. So they knock down lower balances first," says Steve Rhode, co-founder of the nonprofit financial services organization Myvesta. "It's a lot more gratifying for some people to pay off the smaller balances within a couple months. (They) feel like they're making more progress."

But once those smaller balances are gone, he says, go back to Plan A: Take the money that had been set aside to pay those bills and apply it to the balance with the highest interest rate.

"Muster all the funds available and get the debt out of your life," Rhode says.

Stick to your plan
The key to an effective pay-down plan is sticking with it. Don't let up on the monthly payments as the card's minimum payments inch down and as bills get paid off.

"Once you establish a payment plan with a credit card bill, stick with the payments until it's gone and then roll it into another credit card and keep going," says Christine Jones, a counselor with American Credit Counseling Service in Melbourne, Fla. Unfortunately, many people quit before they get started.

"The problem I see is that people make mental promises to themselves that they can't keep," says the DCA's Rhode. "They say they will pay $100 a month but it's too big a stretch. They can't do it and then they forget about it."

Think before you act
To avoid falling into that trap, take a hard look at your finances and determine how much you can realistically afford to pay each month. Rhode suggests that people track their spending every day for a month to get a firm handle on where their money is actually going.

"People will save 20 percent just writing down where their money goes," he says. "Because they will start cutting back."

After tracking their spending, people can better decide how much they can afford to pay toward credit card debt. Experts point out that just $50 more a month can make a big difference.

If logging expenses for a month doesn't turn up additional money try these tips for saving $50 a month from Consumer Credit Counseling Service:

Brown bag 10 lunches per month.

Have movies and popcorn at home instead of going out.

Use coupons for groceries and buy store brands.

Make pizza at home instead of ordering out.

Buy in bulk and freeze dinner entrees.

Give handmade cards and gifts.

Shop at consignment, thrift and discount stores.

Pay more than the minimum
Once you start paying more than the minimum, the debts start to disappear. Paying just the $60 minimum payment on a $3,000 credit card balance would take eight years to pay off and cost a person a whopping $2,780 in interest. By paying an additional $50 a month, the debt would be paid off in three years and they would be spared $1,800 in interest charges.

Find out how feasible it is for you to get out of debt. Use the credit card calculator to figure it out.

It is also important to keep in mind that debt is not always bad.

"Having a certain amount of credit balance is not negative," Consumer Action's Sherry says. "Some debt is necessary to reach goals."

But most experts recommend that debt payments including car payments and credit cards eat up no more than 10 to 15 percent of income. More could spell trouble.

"If you can only afford the minimum payments each month, you're on the edge. If you have to hope and pray that your deposit gets to the bank to cover your checks. And especially if you're using the cash advance on a credit card to pay other cards or for routine living expenses," Rhode said. "They're spending money they don't have."

Credit cards can make your life easier—or really complicate it! Find out how to make the best use of your credit cards and how to avoid credit card traps.

To find how interest rates affect your account and what types of card work best for you click here.

Use these nine tricks to pay off your credit card debt:

1. Pay more than the minimum
First, break the habit of only paying the minimum required each month. Paying the minimum -- usually 2% to 3% of the outstanding balance -- only prolongs the agony. Besides, it's precisely what the banks want you to do. The longer you take to repay the charges, the more interest they make, and the less cash you have in your pocket. Don't play their selfish game.

Instead, bite the bullet and pay as much as you can each month. If your minimum payment is $100, double that to $200 or more. Examine your normal expenses -- you can find the money. (For a gazillion ideas, check out our Living Below Your Means discussion board.) Skip eating out at lunch, and bring it from home instead. Eliminate desserts. Give up happy hour. We all have "luxuries," and you know what yours are.

Make a few sacrifices, and you will find the extra dollars needed to increase your debt repayments dramatically. Those increased payments will save you hundreds, if not thousands, in interest payments. Plus, you will get out of the hole you've dug for yourself much more quickly. Is it fun? No. But it sure beats living a hand-to-mouth existence, fearing bills each month.

2. Snowball your debt payments
Take a long, hard look at all your credit cards. Pay particular attention to the one with the lowest interest rate. Have you reached the maximum limit on that card? If not, consider transferring a higher interest bill to that one. Many credit cards permit this, and it's positively Foolish to trade an 18% debt for one at 12% at any time.

If your entire balance is too large to fit on one low-interest rate card, pay at least the minimum amounts due on all of your cards except one. Funnel the majority of your debt repayments into that one credit card, and pay it off as quickly as possible. When the balance on that card reaches zero, move on to the next with the same aggressive repayment plan.

Lather, rinse, and repeat. This method of snowballing your payments is aptly called "snowballing." As your debts decrease, the amount of money you have to attack them increases. Your payments snowball until all of your debt is pummeled. Pretty neat, eh?

Another way to transfer higher interest debt to a lower-interest card is to take advantage of the promotional offers many banks use to entice you to their line of credit. You've seen the come-ons. "Transfer all your credit card balances to us, and pay just 5.9% until January 1, 2003." It could be worth it. Moving to 5.9% from 18% interest could mean substantial dollars to you. And the money saved in interest could then be applied toward the principal each month, thus reducing your outstanding debt balance even further. (For more on how to take advantage of balance-transfer offers, head to step 2 of our free How To Get Out of Debt online guide.)

Take care, though, before you act. Examine the offer closely. Look for the hooks. Will the interest rate after the introductory period be higher than you're paying now? If so, you may have to switch again at that time. That, in turn, could give rise to another surprise. Banks have caught on to the charge card hoppers who switch from card to card to take advantage of the low introductory rates. Many of these offers now stipulate that if you transfer balances from the new card within a 12-month period, the normal interest rate will be applied to all outstanding balances retroactively. That proviso could be a bitter pill to swallow for someone short on cash, and it certainly doesn't help the debt repayment schedule. Read the fine print, Fool.

3. Cash out your savings account
You could cash out your savings and investments and use the proceeds toward debt repayment. Yeah, no one wants to do that. But sometimes it's just Foolish to do so. Even when debt interest is at 12%, your investments would have to pay more than 18% before federal and state taxes to equal that outflow of dollars. We doubt the dollars in your savings account are earning anywhere near that rate of interest. Pay off the debt, and it's the same as getting that 18% return without any risk on your part. The higher the interest rate on your debt, the more attractive repayment versus investment becomes.

4. Borrow against your life insurance
Do you have life insurance with a cash value? If so, borrow against the policy. Yes, you're borrowing your own money. But the interest rate is typically well below commercial rates, and you can take your time repaying the loan. Do repay it, though. If you die before it's repaid, the outstanding balance plus interest will be deducted from the face value of the policy payable to the beneficiary. As a negative, that seems a small price to pay to get out of debt now, but it could be burdensome to your family or loved ones should you sleep the eternal sleep before paying it back.

5. Finagle family and friends
Perhaps your family or friends could help through a loan. Who else knows, trusts, and loves you like they do? Unless you're really the black sheep of the flock, chances are you'll get a very favorable interest rate. They may even tolerate a late payment or two. But if you want to maintain the relationship, it's best to keep things on the straight and narrow by using a written agreement. You should clearly establish the interest and repayment schedule in writing to avoid misunderstandings and hard feelings. And it goes without saying that you must be scrupulous about adhering to that schedule. Otherwise, you can forget the family reunions and birthday presents.

6. Get a home equity loan
Do you own your own home and have some equity that's accumulated through the years as you've paid off the mortgage? If so, now's the time to consider a home equity loan (HEL) line of credit for the maximum amount possible.

An HEL gives you a double whammy. First, you use the loan proceeds to pay down your debt, thus trading something like an 18% loan for a 9% loan. Second, most homeowners itemize on their income tax returns. HEL interest under most circumstances is a deductible item. In a 28% marginal tax bracket, the 9% loan really has an effective rate of 6.5%, and that's probably the cheapest interest rate you'll see on personal indebtedness.

The danger here is falling into a common trap. Many get an HEL, pay off existing debt, and then ring up the charges on the credit cards all over again. Now they have the HEL to repay on top of the credit cards. The hole just got much deeper. Fools use the HEL to pay off the credit cards, and then keep them paid off until the HEL is repaid.

7. Borrow from your 401(k)
Do you participate in a 401(k) qualified retirement plan at work? Most 401(k) plans have a loan feature that lets you borrow up to 50% of the account's value, or $50,000, whichever is smaller. Interest rates are usually a point or two above prime, which makes them cheaper than that found on credit cards. Thus, 401(k) plan loans may be a Foolish option to debt repayment. Not only is the interest typically much lower than that on credit cards, the best part is you pay it to yourself. That's right, every dime in interest paid on a 401(k) loan goes directly into the borrower's 401(k) account, not the lender's. That lessens the bite even more.

But there are some drawbacks. First, the loan and interest will be repaid with after-tax dollars, but the interest will be taxed again when you finally withdraw money from the 401(k) years later. Additionally, you must repay this loan in five years or less. If you leave your employment prior to full repayment, the outstanding balance becomes due and payable immediately. If it's not repaid, that amount will be treated as a distribution to you. You'll be taxed on that amount at ordinary rates. And if you're under the age of 59 1/2, you will also be assessed an additional 10% excise tax as a penalty for an early withdrawal of retirement funds. Accordingly, ensure any 401(k) loan can be repaid before you leave your job.

8. Renegotiate terms with your creditors
OK, you've done all you can. Savings are gone; relatives have been tapped out; you don't have a home or 401(k) to borrow against. You feel like you're against that proverbial wall. The money just isn't there. Is bankruptcy the only way out? No way. Try pulling that ace out of your sleeve prior to taking that step. What ace? The threat of bankruptcy ace, of course.

Let your creditors know your situation. Tell them that if you are unable to renegotiate terms, then you have no other recourse except to declare bankruptcy. Ask for a new and lower repayment schedule; request a lower interest rate; and appeal to their desire to receive payment. Faced with the prospect that you may resort to such a drastic step, creditors will do what they can to protect themselves against a total loss.

Indeed, many will negotiate away the farm before they'll be willing to write off your debt. As lawyers love to say, everything is negotiable. Therefore, what do you have to lose, save time? It's worth a try. And if you don't wish to do this yourself, organizations exist that can do it for you. For details, see Step 5 (Debt Triage) in our How To Get Out of Debt Guide.

9. As a last resort, file bankruptcy
What if you decide you can't pay down your debt using any of the methods listed above? What should you do? The absolute last resort is bankruptcy. Within Fooldom, we firmly believe everyone has a moral obligation to repay their debts to the utmost of their ability. There are times, though, when repayment may be impossible. In those cases, bankruptcy may be the only available course of action. Nevertheless, be aware of the significant drawbacks.

Your credit record will contain this information for 10 years, thus ensuring you will have a tough time obtaining credit you can afford during that period. Additionally, as odd as it seems, it also costs money to file for bankruptcy. Attorney and court filing fees cost in the hundreds of dollars, and they must be paid to obtain the relief sought.

There are two types of personal bankruptcy relief: Chapter 7 and Chapter 13. Chapter 7 is straight bankruptcy that allows the discharge of almost all debts. Those that aren't discharged are alimony, child support, taxes, loans obtained through filing false financial statements, loans not listed in the bankruptcy petition, legal judgments against the petitioner, and student loans. While Chapter 7 relieves you of the responsibility of repaying most creditors, you may also have to surrender much of the property you own to help satisfy the debt. In general, though, you may usually retain your car, tools of your trade, your home, and most personal property.

Chapter 13, sometimes called the "wage-earner plan," is different. You keep your property but surrender control of your finances to the bankruptcy court. The court approves a repayment plan based on your financial resources that provides for repayment of all or part of your debt over a three-to-five-year period. During that time, your creditors may not harass you for repayment. You also incur no interest charges on the indebtedness during the repayment period. When all conditions of the court-approved plan have been fulfilled, you emerge debt-free from the bankruptcy.

The best advice is to not charge. However, that is not always possible. If you are going to use credit cards, here are the 10 Credit Commandments you can't live without:

1. A credit card is just that -- a credit card. You have been deemed creditworthy by some entity (Target, Visa, The Puppy Palace) that is willing to let you borrow money for a short period of time. Though your credit limit may add up to $34,538, that is not how much money you have to your name. (See also: "There are still checks in the register, so I must have more money to spend.")

2. Ignore banker's rules on what is an "acceptable" level of debt. Your debt-to-income ratio is the measure of how much debt you carry to how much money (after taxes) you have coming in. In the world of lending, it is acceptable to carry 25% of your income in debt. Consider this example, though:

Total credit card debt: $6,437
Total after-tax annual income: $30,000
Debt-to-income ratio: 6,437 / 30,000 = 21.4%
A 21.4% debt-to-income ratio is awfully high in our opinion. The ideal number is zero. But at the very least you want to keep your debt -- including car loans -- to 15% or less of your after-tax income.

3. Don't pay by their rules. The "minimum amount due" is cleverly calculated to keep you beholden to The Man for your entire adult life. A $4,500 balance will take 44 years to pay off, even if you don' t put another dime on the card. Oh, and the interest you'll pay on that loan? A cool 17 grand.

4. Watch out for fees. You name it, and lenders have found a way to charge you for it. Of course, there are the obvious fees -- those incurred for late payments, overdrafts, ordering a replacement card, using a "convenience check," or requesting an extra account statement. But there are also some less obvious, newfangled fees -- ones that even the best customers should watch out for. When you transfer a balance -- either to or from your card -- you could get hit with a fee. Wanna talk to a customer service rep instead of a phone automaton? Pony up, please. Decided not to use your card for awhile? Your lender may hit you with an inactivity fee.

5. Play the system. Remember, you're the customer. Do you want a lower interest rate? Sick of paying an annual fee? Uninterested in paying the $35 late payment fee -- and swear that it won't happen again (at least in the next six months)? Just ask! Your lender would rather keep you as a customer than shell out (anywhere from $50 to $150) to acquire a new customer. Use your leverage.

6. When you get into trouble, stop charging. If you find yourself struggling to make even the minimum payments on your credit cards, stop, drop, and roll. (This advice works well if you happen to catch on fire, too.) Stop charging. Drop your spending. And roll your balance over to a credit card that charges a lower interest rate. And then pay it off with fervor. Lather, rinse, repeat.

7. Boost your credit GPA. You have the power to see how you rate in the eyes of the banking world. Your credit report (provided by three major reporting agencies) and your credit score (a three-digit number based on your credit history) is used by lenders to measure your creditworthiness. The good news is that your borrowing transcript is at your fingertips. Check out what's there to make sure that your record is an accurate reflection of your borrowing ways.

8. Carry just what you need. Most people need only one or two credit cards: one for purchases they pay off each month, and another for emergencies (or business purposes). Any more than that is usually overkill.

9. Get some free stuff. If you're going to use it anyways, why not get something back for your trouble? If you consolidate your spending on one card, consider getting a "rewards" card where you earn miles, stuff, or cash back on your spending. Look for a card that will award you stuff you'll actually use. (Cash is usually a good option, eh?) Still, don't let your spending get out of control just so you can get a free golf bag or a few extra airline miles.

10. Teach your children well. A totally cashless society is becoming less futuristic every day. If you have any critters, let them know that the shiny plastic card represents the amount of money you have to spend on Barbies and Barney.

Information taken from Bankrate.com and the credit center.