Are you being held back by a mountain of debt? Feeling the pinch from outstanding student loans, mortgages, credit cards and other obligations? With solid financial planning, you can limit, and even eliminate, your high-interest and variable-rate debt .

Follow these eight steps to assess your debts and plot your freedom from debt:

Figure Out What You Owe
Compile a list of your debts—credit cards, car loans, variable-rate home-equity loans, lines of credit and personal loans. Make a list that includes the amounts that you owe and the interest rate for each account.

Start paying off the debt with the highest interest rate first. A credit card with an 18% APR costs you more money in the short term than your 9% home equity loan (which is tax-deductible; credit interest card isn’t).

Calculate How Long It Will Take For You To Be Debt Free
Use a debt calculator to figure out how long it will take you to pay off each debt. Then enter variations to see if you can get out of debt faster.

For example, if you have a $5,000 credit card balance at 9 %, and you're paying $125 a month, it will take you about four years to be in the clear. If you pay $225 instead, you'll be debt free in just over two years while saving money on interest.

Plug The Holes In Your Budget
Debt is a result of living beyond your means. Find out where you’re overspending. Whether it’s morning lattes, or too many online shopping sprees, find the money leaks and learn to cut back.

Put Your Credit Cards Out Of Reach
If you truly want to kick debt out of your life, you have  learn to pay off the balance every month or stop relying on credit. That means putting your credit cards out of reach and living on cash -- or a carefully monitored debit card. Some people cut up their cards. You don’t have to go that far, but discipline is required to break the plastic habit.

Examine Your Spending From Within
A Carnegie Mellon University survey determined that spending is driven by a basic preference for pleasure over pain. By understanding the emotional aspects of your spending habits, you will gain more control over your debt.

Are you a chronic impulse buyer? Do you deal with bad days by hitting the mall? Are you an eBay addict? A collector who can’t stop?

Don't treat debt as just a matter of money; you may need to find other outlets for your emotions in order to establish a financial balance.

Examine Your Spending From Without
Few people like the term "budget", but a spending plan will help you get out of debt faster and keep you debt-free. A spending plan will help you get a grip on your fixed expenses and insure that you save as well as pay down debt.

The Debt Tonic: Saving
The strongest antidote to debt is saving. Build up an emergency cushion, even if it’s only $500 or $1000 for emergencies. This will save you from charging unexpended expenses, from a car problem to a medical bill, to a high-rate credit card. When your debts are paid off, aim to fatten your emergency fund.

Reexamine Your Priorities
If you've been living beyond your means, it's likely that you haven't been too diligent about saving for your future. One way to regain your financial equilibrium and build your debt-payback discipline is to begin or increase your retirement savings.

After all, what is more important, living the high life now or peace of mind and financial security for decades to come?

THE BOTTOM LINE
Getting out of debt isn't rocket science. It requires adjustment of your spending habits and priorities to break the habit of living on borrowed money. Take control by analyzing your budget, by learning to live on less and by saving enough money to pay for life's unexpected expenses.