What is the best way to get out of debt? I don't know. Why are you asking me? Well, I thought you were the expert on debt! Me? I'm only an 'expert' because I happen to have so much of it!

Okay, the best thing to do in order to get out of debt is...

Well, it's not just one thing. It's a whole list of things. In fact, it's a list of things that you need to do in a particular order, depending on your particular circumstances. So you can't just take the easy route and follow one set of instructions to get out of debt.

However, there is a preferred list of methods that you can use as a guideline. Just keep in mind that this is not rocket science. In other words, we just made this shit up! But it is based on some of the general basic principles of debt elimination.

5 Ways to Get Out of Debt

These steps of how to get out of debt are listed in order of preference. They are listed with the easiest and most preferable method first and the least desirable method last.

1) Win the Lottery. Let's face it. If you win the lottery, who cares how much debt you happen to have? You can just pay it all off and then keep right on spending like nothing ever happened.

2) Use some sensible debt management and get your affairs in order so that you don't have to resort to any of the more painful methods that are listed further down this list.

3) Try a debt consolidation loan. This can either be a personal loan or a loan that you take out against the equity in your home. The problem with debt consolidation loans is that for most people who are having financial difficulties, they can be hard to qualify for.

4) Use a debt negotiation service. These are organizations that can contact your creditors and negotiate a better deal on the unsecured loans that you already have. Sometimes they can get your creditors to settle for a fraction of what you owe.

5) File for Bankruptcy. This can simply wipe out your debts. It can also make it simply impossible for you to get a loan, get a place to rent or even get a job. I guess that is why bankruptcy is listed in the number 5 slot of ways to get out of debt.

Personal debt requires personal choices. For instance, if you happen to own a home that happens to have some equity in it and you happen to have a good job that pays on a regular basis, you may find that a home equity loan is a good way to pay off your unsecured debts. Home equity loans generally offer low interest rates, much lower than personal loans and way lower than most credit card companies offer.

If you don't own a home, you may still be able to get a personal loan at a lower interest rate than the combined average of your credit card interest rates. However, since we are assuming that you have considerable debt at this point, it may be difficult for you to actually qualify for any type of personal loan.

The good news is that even if you can't qualify for any type of loan at all, you can still use one of the debt negotiation services. This can be a reasonable solution for people who could otherwise make their monthly payments if they were simply lower.

If, for some reason, you can't do any of the above, you can still try to eliminate your debts through bankruptcy. Sure, your credit will suffer for many years but at least you can get your creditors off your back and eventually, you can get out of debt and get back on track to the road of financial responsibility.