It's smarter to control your debt than the other way around.

Different types of debt should be treated differently. And some debt is actually better than other kinds. So you need to know what kind of debt you have before you can deal with it. For example, the interest on mortgages is tax-deductible up to $1 million on a primary residence as well as a second home—whether the money is used for purchase or to make major improvements—and the interest paid on a student loan may be tax-deductible depending on your income level.

Credit cards and car loans, on the other hand, often have very high interest rates that are not tax-deductible, meaning you get no tax break on it. It’s a smart idea to pay those down first, and as fast as you can.

Reducing your interest rate is one of the smartest and simplest ways to lower the amount you owe every month. You can either transfer your balances to a card with a lower rate or ask your creditor if it will reduce your rate. Homeowners also have the option of taking out a home equity loan. The interest can be lower than a credit card rate and may also be tax-deductible.

Pay the minimum balance due every month, and you’ll be making those payments for a very, very long time. The culprit is compound interest. When it comes to credit card debt, compound interest works against you in the same way it works for you when you’re saving. So ignore the minimum due and pay as much as you can above that amount every month. And if you make the payments automatic, you can be sure they’re always on time.

It’s okay to set a little something aside even as you’re getting rid of your debt. But, make sure you get rid of those high-rate credit cards as soon as you can. Paying 19% interest on a credit card more than wipes out what you could earn in even the highest-interest-earning savings accounts. Once that’s taken care, of you’ll really be able to save even more.

Watching your progress from month to month can help keep you motivated. And if you should get a raise or a bonus, be sure to adjust your payments toward your debt to match. You’ll get there a lot faster. Finally, don’t be afraid to seek professional financial help if you need it. Regardless of how much money you have, every Schwab client can get a complimentary one-on-one consultation. Whether you need help planning around your debt or want someone to help you figure out what to do with your money once the debt is paid off, Schwab experts are ready to help.