Using credit card is not bad as long as you know that you have enough cash to pay back the debt in time. But it is completely useless to carry on a great amount of debt that you can’t pay off. But as it is said, one learns from his mistakes, and so here is a formula to get out of debt.
To pay off the debt, you need two things, first a method to pay it off, and second a madness to achieve the goal set. But first decide upon the method; there are two methods, i.e. the snowball method and the Highest-interest first method.
Snowball Method
For the snowball method, all you have to do is:
- Pay the smallest amount of monthly payment for all debt
- Find out areas in your budget on which you can cut back to repay your debt.
- Take the bill with the lowest amount and pay the minimum and the extra on that bill until it is paid off.
- After you pay that bill, take the money you were saving for that bill to the next minimum bill and repay that.
- Repeat the process until all bills are cleared
Highest Interest First
For the Highest-Interest first, do the same things that have been mentioned above but start off with the highest bill first. 
However, both the methods have their own advantages and disadvantages. The snowball method is somewhat more psychologically satisfying as you feel lighter after paying off some of your bills completely. On the other hand, the highest-interest first method frees you of your greatest burden first but if you get frustrated then the snowball method might prove motivating and will keep you going in the right direction.
Another useful tool might be this free excel spreadsheet 
which enables you to calculate the total interest and how much you will end up paying. All you have to do is enter the type of credit card, its balance, and interest rate. Then type in your required minimum monthly payments and the amount you can allocate to it from your budget. Also, select the type of method you want to use, i.e. the snowball or the highest-interest first method and you will be able to see the result.
Keep in mind that during the whole process of paying back, keep in touch with all your lenders. Don’t try to avoid their calls or letters and don’t think they’ll go away simply if you ignore them. They will take their money back from you one way or the other. So its better to keep a regular track and even when you can’t repay them immediately, try to negotiate a deal. They are willing to do all that’s in their hands to bring back their money.
At the end, to carry out the repay process you need to have a drive, a madness. Do everything that you can, cut back on expenses, find a part time job, sell your car, sell other things in the house that you don’t require and use that money to repay your debt. Whatever it takes, just try to clear off your debt first keeping in mind that it is this intensity which will keep you from going into prison and will result in a debt free life.
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