What is it that keeps us all from building or optimizing wealth? The answer is 'debt' and Merriam Webster defines it as "the common-law action for the recovery of money held to be due." To most of us, it means "paying bills over time."

Imagine a life with no mortgage, car payments, credit card bills, or other loan payments. What portion of your income would you need to make ends meet without those obligations? How dependant would you be on your job? How much could you invest towards retirement?

Compound interest is the enemy of everyone but the banker. If you pay only the minimum payments on debt, you will pay them for years and will end up paying a lot more than the initial amount spent. It is hard to see this unless you do the math, because payments are often just figured into the monthly budget.

So you are in this situation, and you want to know how to get out now. As frustrating as it may be, you must first take some time to look at what got you here in the first place. This problem is within you whether you want to admit it or not. The hard truth can be summed up in the word “gratification” and the need to fill it immediately. No progress can be made until there is a clear line between want and need. Discuss this with your spouse and get this under control fist, or there is no real need to read further.

Ready to stop buying on impulse? Great, let's get started:

First, start by making a tight budget. You can't pay off debt if there is a zero balance at the end of paying monthly expenses. Writing the budget out will help, but remember, living up to it is where discipline will play a huge role.

If you are still reading, chances are you have revolving debt. Pick your lowest bill, probably one of the credit cards, and put absolutely everything you have left over towards paying that bill off. It is amazing how fast that bill will disappear. Once that one does, move onto the next one. Each debt will melt away faster and faster as you have more in the budget to use for payoff.

By the time all of the bad bills are gone, take time to evaluate long term goals. You now have a lot of extra money in the budget so take a look at:

1. Paying extra on your mortgage each month- Pay off your home years early and save a lot of interest payments.

2. Pay cash for the car- Put some extra back each month right now and when it comes time to buy a new ride, you will save a ton of money in interest rates. You might even get a nicer car than you could have afforded to finance before.

3. Retire early- Take a little of that left over and put it back for retirement. Doing so will offer you a chance to retire early or to live at a higher quality of life down the road.