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Here is a good, practical way to pay down debt. If you have five credit cards or loans that you must pay each month, pay the minimum on four of them and aggressively go after the fifth one putting just as much money as you can to pay off that account. When that is paid off, go after the next one.
Pay off balances with the highest interest rate first because those balances are costing you the most money. When one debt is paid off, take the money you were spending on that account and apply it to the next one.
If you are keeping up with your payments, chances are that the banks may send you a lower interest rate offer. Take the offers, but continue aggressively paying off these debts to get out from under. For example, if you are paying $150 a month on interest charges on a card and an offer come through so that you can lower the overall debt service on that card to $75 a month. Use that additional $75 you were paying to cut into the principal of that debt until it is gone.

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