Debt can be good - Borrowing for a home or college usually makes good sense. Just make sure you don't borrow more than you can afford to pay back, and shop around for the best rates.
Debt can be bad - Don't use a credit card to pay for things you consume quickly, if you can't afford to pay off your monthly bill in full in a month or two. You could fall into debt. Instead, put aside some money each month for these items so you can pay the bill. Save for over a period of weeks before charging expensive things then you can pay the balance when it's due and avoid interest charges.
Watch your spending - Write down everything you spend for a month, cut back on things you don't need, and start saving the money left over or use it to reduce your debt more quickly.
Pay off your highest-interest debts first -The key to getting out of debt is to first pay down the balances of loans or credit cards that charge the most interest, while paying at least the minimum due on all your other debt.
Don't pay just the minimum - If you just pay the minimum due on credit card bills, it will take you more time to pay off your balance and you will spend more dollars than the original amount you charged.
Be careful where you borrow your money - It may be convenient to borrow against your home or your 401(k) to pay off debt, but it can be dangerous. You could lose your home, or fall short of your investing goals at retirement.
Manage emergency - Put money on the side for about three months to six months of living expenses in case of an emergency.
Don't pay down your mortgage to fast - Don't pay off a mortgage if you have other debt. Mortgages tend to have lower interest rates than other debt, and you can sometime deduct the interest you pay. If your mortgage has a high rate and you want to lower your monthly payments, consider refinancing.
Get help - If you have more debt than you can manage yourself, you should get professional help. There are reputable debts counseling agencies that may be able to consolidate your debt and assist you in better managing your finances. But there are also a lot of disreputable agencies out there.