When it comes to significantly reducing your debt, the primary factor that will make a difference is whether you have a specific strategy and action plan in place. Research has shown that people who devise highly detailed plans are much more likely to achieve long-term success than those who do little more than make vague statements about their intentions. Based on these findings, personal finance experts recommend creating detailed budgets, savings schedules, and debt reduction plans every two to three months and creating an accountability system for sticking with them. There are literally hundreds, if not thousands, of debt reduction plans available for your reference online and in your local library or bookstore; choose a sound and reasonable plan that makes sense in the context of your situation and modify it to meet your needs. In no time at all, you will be well on your way to a debt-free lifestyle.