You may want to erase debt as quickly as possible, but keep in mind that there's a certain wisdom to paying off your creditors slowly. It all depends on the interest rates on your debts and how spread out your financial obligations really are. For instance, if you're simultaneously dealing with 10 different creditors, it can be quite a hassle to reconcile your ledger every month.

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On the other hand, if, by working with an astute debt negotiator, you can consolidate all those accounts at a single fixed rate, you may not want to eliminate all your debt in a lump sum. After all, if your rates are good, you won't have to worry as much about protecting your income. Furthermore, there are penalties in some cases for eliminating your debts too soon.

All this is to say that the best strategy depends entirely on the specifics of your case. While advertisers promote "get out of debt" programs that promise instant results, a more stable and methodical financial analysis will generally prove better for you. Debt relief in many ways functions like investing. If you play the stock market in a herky-jerky manner, you can get hit hard.

Conversely, if you take a long-term approach to avoid huge spikes in your income stream, you'll do better in the long run. This "buffer" approach is one that has been adopted by an institution no less esteemed than the Federal Reserve Board. Monitor your finances carefully, but buffer your expenses so that you don't take on too much financial burden too quickly.

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