Get Rid of Credit Card Debt

Credit card debt is no fun. If you are saddled by credit card debt, you are not alone. I read somewhere that the average family in America has credit card debt to the tune of $9,000. Millions of people are in debt to credit card companies and struggle to make the minimum payments. Here are some tips that you can use to start erasing your credit card debt.

1) Pay more than the minimum payment. Always pay more than the minimum amount that you owe. If you can afford to do it, double or triple the minimum payment. This will help you get rid of credit card debt more quickly. See the credit card payment calculator at bankrate.com (http://www.bankrate.com/brm/calc/MinPayment.asp) to see how paying off more than the minimum payment will help get you out of debt faster.

2) If you have multiple credit cards, you might want to concentrate the bulk of the money you have available to paying one off at a time. The credit card you should focus on first is the one with the highest annual percentage rate. Pay this card off and then move on to the next highest one and so forth. This not only gets rid of the worst credit card debt (i.e. the one with the highest interest rate), but it gives you a sense of accomplishment and peace of mind, knowing that you have one less payment to worry about.

3) Something you might want to try to do is call your credit card company and speak to a customer service agent about getting your interest rate lowered. This would help lower the strain of your credit card debt. This is not something that is guaranteed to work, but it is worth a shot.

4) Try not to rack up your credit card bill. If you can avoid it, do not use your credit card at all, as this will just put you deeper into debt. Try to pay cash for what you need and eliminate the things that you want (even if only temporarily). The horrible thing about credit card debt is that it is so easy for your debt to increase.

5) Write down a list of expenses. It is very beneficial to know exactly where your money is going each month. Money seems to disappear before you even get your hands on it. Writing down a list of where your money goes will get you thinking about certain areas where you can save money. You can change your money habits by taking the time to understand where it is going. When you look at your list (and you should include what you are paying in credit card debt), you will probably be motivated to do what you can to try to hold on to more of your money.

6) Transfer your debt from high interest rate cards to those with lower interest rates. It makes sense to do this if you can.

7) Pay down your credit card debt before you put money in a savings account. Your credit card interest rate is exponentially higher than what you gain from a savings account at a bank. Get rid of the credit card debt first, otherwise it will keep growing.

I know that those credit card bills look formidable, but it is possible to get out from under that oppressive burden. It will take some time and a little determination and planning, but it is possible. Good luck.