Credit Card Debt: Take Control Right Now!

When you have a large credit card debt, it can feel like you're trapped in a hole that you'll never get out of. But what can you do? Thinking about your credit card debt just makes you feel helpless. But not thinking about your credit card debt won't solve the problem.

The first step to dealing with your credit card debt is to take action, to do something that will help you feel like you're more in control. And you can do that in three easy steps.

Step One: Don't make your credit card debt bigger.

Stop using your credit cards right now, this very minute. Get rid of all possible temptation by cutting them up. This might sound drastic, but if you want to get out from under the weight of your credit card debt, it's necessary.

Step Two: Decide how much of your credit card debt you can pay off each month.

How much money can you devote every month to paying off your credit card debt?

Say that your minimum payments add up to about $200 a month. Can you stretch your budget to pay $250 per month? Or $300 a month? The more money you can devote to paying off your credit card debt, the faster you will reach your goal.

Step Three: Alleviate credit card debt by paying off one bill at a time.

When you have a large credit card debt, the number of bills coming to your mailbox each month can be disheartening. You've probably been advised to always pay more than the minimum on all of your bills. But, for the moment, focus on decreasing the number of bills coming to your home every month.

So, pay the minimum on all but one of your bills. Devote the rest of your budget to paying the credit card with the highest interest rate. That means that there's a current balance of $1500 on one credit card, and you can devote $150 a month to paying that bill, you'll pay it off faster than you'd ever dared to dream before. Then, you can focus on paying off the credit card with the next highest interest rate. And so on.

But the fact that you've gotten rid of one bill doesn't mean you should decrease the amount of money you've set aside each month to pay off your credit card debt. It just means you'll have even more money to devote to paying off the second credit card.

There are other things you can do to help alleviate your credit card debt. Such as:

• Asking for a lower interest rate on your credit cards.
• Transferring your debt to a credit card with a low interest rate.
• Trying credit card debt consolidation.

But, with the strategy above, it will take less than an hour for you to regain a feeling of control over your credit card debt. And that is an important first step.