Consumers who are having a hard time keeping up with monthly payments are being advised to prioritize their debts to make sure the most important ones are paid first.

A recent report by NBCWashington.com offered a handful of tips, such as paying down taxes and student loan debts first before moving on to credit cards - ideally concentrating on your highest interest card as you make minimum payments on the others.

Credit card debt rates have fallen noticeably in recent months, although defaults have also increased in light of the economy.

Consumers are also advised to stop using their credit cards when focusing more on debt reduction, and to seek cash savings wherever possible, such as by clipping coupons and sticking to a grocery list. Entertainment expenses may also be prime for cutting back.

"Really evaluate how you are spending your money and when you start plugging the leaks in your budget you can actually end up with a boat load of cash," the report quoted Mary Beth Franklin of Kiplinger's Personal Finance as saying.

Another way for consumers to avoid late fees and credit score-damaging interest hikes can be to consider payday loans as a way to make payments on time.

-----------------------------------------------------------------------