Repay the debt as soon as possible, not because it costs you money

Orman notes, however, that the repayment of certain types of debt should be a priority. Mortgages and student loans are often considered a "good debt", while credit card debt is considered a "bad debt" because it often accompanies interest rates. higher, which can quickly add up. Depending on the number of cards you have and the amount you owe, you could lose thousands of dollars with interest only, so start there.

Then, commit yourself to a method of repaying your debt.

Some experts recommend a strategy called the Snowball Method, which was popularized by Dave Ramsey, author of "The Money Money Makeover".

He suggests that you list all your debts from the smallest to the largest. Focus on the smallest debt and use as much money as possible to repay it while paying the minimum balance on others. Then, once the smallest debt is repaid, go to the second smallest debt. You will be motivated by seeing the debts disappear one by one.

Other experts recommend the avalanche method: start by listing the interest rates on your debt and focus on repayment of the debt at the highest interest rate. This strategy can help you save money by minimizing the amount of your interest payments over time.

Whatever method is used, eliminating debt, especially credit card debt, is essential for both your financial health and your emotional health, says Orman.

"If you do not have more debt, what do you do with your money?" she says. "You feel powerful! And other people can feel that you are powerful."

Disclosure: CNBC holds the exclusive rights to off-grid cable of "Shark Tank".

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