When I was a licensed financial consultant for Citigroup, one of the things we used to focus on was debt reduction.
While this isn't a comprehensive guide to debt elimination, the principles are pretty simple and can leave you debt free much faster than simply paying your minimum payments.
First, one thing you want to do is negotiate with your lenders/creditors a lower payment rate or interest rate.
This allows you to pay off your debt faster because you're going to be paying more than your minimums and you want as much as possible to go to your principal rather than to your interest.
However, what you do is add up your monthly payments total on your debt.
If you can pay a bit more - great. Otherwise, my recommendation would be to devote some money to your savings which should be 3-6 months of your monthly income in liquid assets.
At any rate, debt stacking assumes that you're going to be paying the same monthly amount on your debts until your debts are paid off. You start by paying off your smallest debt first, then add the principle of that when paid off to your next smallest debt, and so on until your debts are completely paid off by paying the same monthly total towards your debt until it is paid off.
It's very simple, but very effective.
Easy peasy Japanesey!
