Interest rates have no where to go but up so if you are carrying a lot of debt, now is the time to start reducing it. Personal Finance Expert Jean Chatzky explains in this short video, that you should start doing this in an organized fashion.

Chatzky explains the first step you should take, is to examine your debt. Figure out whether the debt you have is "bad" debt or "good" debt and then start attacking the "bad" debt first. She goes on to talk about other things you should do -- among them, refinancing loans, transferring your credit card balances to lower interest rate cards and using home equity lines of credit. Great advice, along with some recommendations on Web resources that will help you.

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