Small amounts of debt can easily be conquered by simply cutting expenses each month and putting these savings toward the debts that you owe. However, taking this approach is far less likely to be successful if you have accumulated a significant amount of debt. This is because many of your debts will continue to accumulate interest and penalties until they are paid in full. Consequently, trying to pay off these debts a little at a time will often be difficult as your overall debt continues to grow despite the fact that you are making payments each month.