off the largest debtor first or pay off the lowest debt first. Each has advantages. Paying the lowest debt first will give the best satisfaction and measure of progress, paying the highest interest rate first is the best return on dollars and paying the largest debtor first gives a sense of relief. But it is important to be methodical. If creditors are hounding you, and you have grown fearful of answering your phone or reading your mail, stop and take a deep breath. You are okay. You will be okay. Now, take another deep breath and call them. Better yet, write them. If the company ever decides to take you to court, you will have proof that you are trying to pay off your debts. Most creditors want to work with you and figure out a way to get things sorted out. When you take the initiative to call and explain yourself, you may find them willing to help and may find they offer you terms that can help you get the debt back under control. Contact your credit card companies. Ask each credit card company for help. They aren't likely to forgive you your loan, but they may be willing to reduce your interest rate. If your interest rate is currently 12% or more, ask if they would be willing to cut their rate in half. Why would they consider doing this? Well, creditors do not want you to default on your loan and they want their principal back.