Prepare to face your debt demons. Really, it's not that hard to do. For instance, it's less painful than trying on bathing suits under the harsh glare of fluorescent lighting.

At the Mall of America.

The day after Thanksgiving.

In a dressing room where the latch doesn't work.

OK, you got us. Facing the debt demons is one of life's more unpleasant tasks. But trust us, it's worth it. And the euphoria you'll feel as you watch your debt dwindle each month will far exceed any high brought on by the most flattering bathing suit -- even one in your favorite color. And marked 50% off. That, we promise.

The first step to getting out of debt is to get it all down on paper. Write down everything you owe -- to whom, how much, and at what interest rate. (Use our free How To Get Out of Debt downloadable workbook to help you keep track.) This may be the most startling list you'll ever make, but it's necessary to help you plan your attack.

Good debt vs. bad debt

Not all debt is equal. And not all of it is bad. Some debts are an inescapable part of life.

We talk tough about consumer debt. But we do realize that some debts are an inescapable part of life. Still, even when we carry debt, there are some basic debt management rules that will keep the lid on problems, as we state in our How To Get Out of Debt guide:

• Be especially wary of double-digit debt -- credit cards and loans that charge 10% or more in annual interest. At this level, balances snowball quickly, and it's tough to get a return on the borrowed money that beats this cost.
• Good debts, like some mortgages and student loans, combine two things: 1) a relatively low, tax-adjusted interest rate; and 2) the potential to invest in something that, over the long run, will grow in value.
• Ignore banker's rules for "acceptable" levels of debt. These are designed by banks to maximize their income. Their calculations cleverly keep you far enough under water that you continue to pay them interest, but not so deep that you go broke. Don't be a slave. Set tighter rules on your own.

Once you've written it all down -- separated the bad from the good -- it's time to plan your attack. You don't want to throw yourself at a mountain of bad debt without preparation. A scattershot approach will lead to frustration, or worse -- a slide back into old charging habits. For a rundown of ways to go on the offensive, read "9 Ways to Pay It Off." And be sure to use the tools provided in the How To Get Out of Debt guide.

Also be mindful of the things that can throw off your plan. Job loss, a short- or long-term disability, a family illness, a really, really bad haircut. (Scratch that last one.) As you lay the foundation for your debt repayment plan, be mindful of your must-pay obligations (food, rent; NOT cable TV or daily happy hours) so that you don't trade a few bad debts for other bad debts.

We know you're rarin' to go, but before you move on to the next step, take a moment to congratulate yourself. You've done something that few people ever get around to doing -- you know where you stand financially. You've faced your debt demons -- one at a time in stark black and white (or blue, depending on the color pen you use).

Enough basking. It's time to get busy and start paying it off.