Debt is one of those things in life that seems so innocent at first.

After all, charging a couple thousand dollars isn't that big a deal. You will pay it off later.

The trouble is that minimum payments are so very tempting. We think -- I'll just pay the minimum this month just to be safe. I'll pay extra next month.

Don't think this way. Each month that you don't pay extra is costing you lots and lots of money.

For example, a credit card debt of $7,000 at 18% interest will take you over 29 years to pay it off if you pay a minimum of $20 plus interest each month. Will what you purchased last you over 29 years?

Here's the worst part. The interest on that credit card debt will be over $18,400. That's over two-and-a-half times the amount you spent.

Makes you look at that $100 sweater like a $260 sweater, doesn't it?

Okay, you have the debt. What do you do now?

You may not be able to afford to pay off all of your debts and mortgage right now. You may not be able to refinance to get lower interest rates. Your credit card rates may be as low as they are going for now.

But you can find the money to put a little extra towards your debts.

There is no secret to eliminating your debt. There isn't a magic solution or a lottery fairy that will swoop down and save you. It's all up to you and those extra payments.

You have to make your extra payments consistently. Here and there won't help you as much. But starting now and working steadily, you will be debt free before you know it. Let's look at your mortgage for an example.

We'll assume that you purchased your $150,000 home with an 80% mortgage, for a principal balance of $120,000. Your interest rate is at 9% for 30 years. (Not the greatest rate, but you were smart to stick with a 30-year fixed rate.) In 30 years you will have paid over $227,500 in interest. That's a lot more than the home cost when you purchased it.

Now, if you make an extra $100 payment each month towards the principal balance, you will save $82,000 in interest. You will cut nine years and two months of payments off of your mortgage. One-hundred dollars a month took your 30-year mortgage to just over 21 years.

If you can't afford $100, put $50 towards your payment. An additional $50 will cut five years and seven months of payments and $52,000 of interest off of your mortgage. Twenty-five dollars a month extra will save you $30,000. Just send in $10 extra each month and you will save over $13,500 in interest.

This works with your credit cards as well. If you have credit card debt, start with paying it off first. Then work on any other unsecured debts you might have, such as signature loans. Then move on to your autos and mortgage. If you have federal student loans, save them for last -- the interest is usually quite low on student loans.

Believe me, paying off your debt is one of the most satisfying things you will ever do. Nothing feels as good as saying, "All I owe is my mortgage." You can take control of your money. Don't let interest charges leave you with less than you deserve. Pay off that debt and invest your money wisely. Let interest work for you, not against you.