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It's very easy to allow debt to become an overwhelming factor in our lives, especially when we've borrowed too much. It can loom over us, casting a shadow on every part of our daily existence. Whilst getting into debt has become far easier than it once was, getting out of debt can be much more of an uphill struggle.

At times, it may seem an impossible task to get out of debt, but if the problem is recognized early on, it can be fairly simple to do so. If you have problems with debt, here are five ways in which you can ease or even eliminate your debt and get your finances back in the black.

1. Make over-payments on your loans. This means paying more than the minimum amount required when your payments are due. In an ideal world, we would clear our credit card balances every month without fail, but sometimes it's just not possible to do so. It's essential to continue making at least minimum payments, but in order to get out of debt as quickly as possible you need to be paying more. Doing so has the potential to save us a lot of money, because the quicker we pay credit cards off, the less interest accrues against us.

This also holds true for mortgages, car loans, and any other type of loan. Some loans have over-payment penalties so watch out for them before you sign up. For any loan that doesn't penalize you, making regular over paying is a great way reduce the term of your borrowing.

2. Consolidate your debts. Credit cards are one of the most expensive ways to borrow money so the best way to do this is to pay off all your existing credit card and other high-interest debt is with a single low-interest loan. That will usually result in lower minimum payments, but be sure keep on paying as much as you can to get the debt paid off. If possible, try to avoid home equity loans or other types of secured loan to consolidate because you will otherwise be putting your home at risk unnecessarily.

3. Sell things you don't need. You might struggle to think of things to sell right now, but take a few minutes to walk around your home and look at the things you haven't used in the last 6 months or just wouldn't miss from your life. It's highly likely that some of the things you might not consider to be worth much will be worth significantly more to the right person. Do you have an extra vehicle, or anything else of value that you don't use or need? Even just gathering up some things and having a yard sale could help you raise money to put toward your monthly payments.

4. Find ways to make extra money. For some people, this might not seem a viable option, but almost anyone with spare time on their hands could be doing something that's worth paying for. You could take on a second job, do some babysitting, or sign up with a telesales company and work from your home. If you divert all of your extra money toward paying off your debts then you shouldn't need to do this for very long.

5. Reduce your outgoings and use any spare money towards paying off your debt. It may seem like an obvious thing to do, but if you look closely at your budget, you will most likely find many ways in which you could save money. For example, preparing your lunch at home the night before instead of eating out can save you a substantial amount over the course of months and years.

Getting out of debt can be easier than you think. Sometimes, all it takes is a few minor adjustments to get out of a debt problem, especially if it's identified early on. Once you're out of debt, it's important to learn from your experiences and keep your borrowing manageable.