Getting out of debt requires a lot of will power and can be quite difficult to do, but with the New Year coming up, it's about time you took some action to manage your debt and stay out of it.

If you wish to get out of debt soon, here are some tips you can follow.

1.) Knowledge is power. If you know that you need to settle your debts, then face the music. Don't just write them down - sort them out from largest to smallest Microsoft Excel or other spreadsheet programs will be your best friend, and some other information you could include are amount owed, interest rate on individual debts and name of the debtor.

2.) The next thing to do is to analyze - how much longer do you have to pay off your debts if you keep paying the same amounts you have been paying? Don't just pay the minimum due, pay as much as you can in excess of the minimum. There are experts who believe you are right by paying off the balance with the highest interest rate first, while others think you could get farther if you pay off smaller before larger balances. Decide what's right for you.

3.) Ask yourself, "Can I really afford my mortgage?" If you've had a reduction in income or an illness that's caused you to struggle with your mortgage payments, call your mortgage company.

Many offer what's called a mortgage modification plan. This is simply a restructuring of your loan, allowing you to make lower payments and pay at a lower interest rate.

You may also need to restructure your living quarters by downsizing into something more within your means. It doesn't have to last forever - just until you can get back to a healthy financial bottom line.

4.) Pay your bills on time, all the time. Sounds simple enough, but some people pile bills unopened and just pay the bill without ever going over the bill itself. Do you pay your cell phone bill without looking at it?

And it would be too late when you'd discover a few months later that you have been overcharged for a thing or two. Nobody wants to be overcharged for anything - they would rather use that extra money to pay a utility bill or something.

5.) When your paycheck comes in, save some money and set it aside. Even if it's only $20.

There's no need to rush paying your debts as long as you pay them off eventually and get your spending under control. There's no such thing as a debt that you cannot eventually pay off. There's help available if you feel lost, confused or frustrated.