Many San Francisco and Oakland area residents probably made a New Year's resolution a couple of weeks ago to put a dent in their credit debt this year. Hopefully, this is one resolution people will strive to keep.

A national news columnist recently wrote about one method she suggests to reign in credit card debt. It is called the "Debt Dash Plan," and it is a way to pay off debt with the same mindset that you might run a race.

The steps of the Debt Dash Plan are:

1. Write down all of your debts, except, in most cases, your mortgage.

2. Begin to tackle the debt with the lowest balance. If two debts are the same, tackle the one with the higher interest rate. To attack the debt you've selected, continue to pay the minimum payment on all of your other debts, and spend any extra money you have from reducing expenses or working extra hours on this debt.

3. After paying off the first debt, tackle the debt with the next lowest balance in the same manner - putting all of your available extra money into these payments, while still making minimum payments on your other debts.

4. Continue in this manner until all of your debts are paid off.

This method is a bit controversial because some financial advisors believe that you should pay off the debt with the highest interest rate first. The Debt Dash Plan is based on psychology, meaning that debtors will be motivated to keep paying off debt as they feel relieved by continuing to cross small debts off their lists. This, the author argues, will result in all debt being paid off faster than if the debtor started to tackle the debt with the highest interest first.

Of course, it may be wise to speak with an attorney to determine what action best suits your situation. An attorney can review your financial situation, usually at no charge, and offer you resolutions.

Source: The Washington Post, "In 2012, finally pay off credit cards with the 'Debt Dash' method," Michelle Singletary, Jan. 3, 2012