Associated Press An important step in climbing out of debt is to stop using credit cards. Click photo for larger image.

A: It sounds like you've already taken the first step to getting out of debt by realizing you and your husband are overextended and want to do something about it. Consider the following tips when determining the best way to get out debt.

The most important thing you can do right now is to stop using your credit cards until you get your debt paid off. Pay in cash or don't make the purchase. In order to save the most money in finance charges, you want to pay your highest interest credit card balance first. Take some time to organize your credit card statements from highest interest rate to lowest interest rate. While continuing to pay all of your credit obligations, put as much extra money as you can toward the one with the highest interest rate. Once you pay off that card, begin adding that payment amount as an extra payment toward the card with the second highest interest rate. Repeat as necessary.

You may want to consider a debt consolidation loan. A consolidation loan at a lower interest rate may help you get out of debt faster. Remember to cut up the credit cards so you aren't tempted to run up the balances again.

If you are current with your credit card payments, you may be able to negotiate with your creditors. Contact your creditors and ask for lower interest rates on your credit cards. They may lower your interest rates to keep you as a customer.

Set a budget and stick to it. Create a spending plan that allows you to reduce your debts. Review your expenses and identify overspending. See where you can cut back and eliminate unnecessary expenditures. An important part of budgeting is keeping track of your spending -- the relatively small everyday costs and the larger periodic expenses that don't occur every month.

Daily expense tracking may sound tedious -- but it can quickly become an easy routine. By tracking your daily expenses you'll be able to plug the holes in your budget. Holes are places where money seems to disappear without knowing where it went. These are the little things in your spending patterns that tend to eat a large portion of your income. What's one thing you would consider a "hole" in your budget? How much do you spend every time you do it? How many times a month? Add it up.

Use your savings and other assets to pay down debts. Withdrawing savings from low interest accounts to settle high rate loans usually makes sense. Don't completely deplete your savings account. Seek professional advice before liquidating assets.

Seek help from a nonprofit accredited credit counseling agency. These agencies help families develop workable monthly budgets, and, if appropriate, will suggest a debt management program. Under this plan, creditors offer special incentives to clients who make a commitment to get out of debt. Incentives include waiving late and over the limit fees and lowering interest rates.