You can successfully implement your own debt management plan without outside help to slowly but surely become debt free. All it takes is a commitment to a cash only policy and to living within your means. For most people this is relatively easy, as long as they don't accumulate any more debt in the process. Here are the pros and cons of the four most popular strategies to pay off your credit cards.

Closest to the Limit Balance First

The faster you can pay off your high balance debts, the quicker you can raise your credit score. You'll also pay less overall interest. In addition, creditors have less reason to raise your rates, which they are doing with more regularity these days.

Smallest Balance First

For people who are motivated by quick results, this strategy can provide a psychological boost. It provides the quickest way to a zero balance on one of your debts. Unfortunately, if you have other higher interest debts, it can end up costing you more in the long run.

First Start With The Highest Balance

This strategy is often the most recommended, even though it takes a long time to get your first balance paid off. It also doesn't impact your credit score immediately. But, the motivational benefits of seeing your largest balance paid off are huge and a great motivator.

Get the Best Results from a Mixed Strategy

Most will benefit from a mixed approach incorporating all three prior strategies. You might consider paying down your balance closest to being maxed out first, then focusing on the one with the highest interest rate.

Once you've settled on an initial strategy, focus your energies on the targeted debt. Just pay the minimums on the other balances, until you have paid off your first balance, then re-prioritize. You can eventually become debt-free if you methodically pay off your outstanding balances and don't accumulate any further debt.

If you set up an automatic payment plan to pay a set amount on your account each month, the process is even easier and painless. You're less like to be tempted to divert the money to other things and most people just find it's simpler when trying to manage their busy lives.

If you can resist the urge to overspend again, leave your paid off accounts open and don't ask to have the limits lowered. These actions have an immediate, negative effect on your credit score. Continue to pay off any new balances, and enjoy your new, debt-free status.