The best way to reduce your credit card debt is to control your money. First stop using your card except for emergencies (real emergencies such as a tow truck in the middle of the night.) If you don’t use your card, you will not be adding to the problem. You won’t be digging yourself in deeper. This is the first and most important step to get out and stay out of credit card debt.

After you have stopped using the card, you must begin paying your debt. You knew this day would come, and now it is time to bite the bullet and pay up. Every month make the minimum payment and some extra. The more you pay, the sooner you get out of debt and the less interest you will be paying. The less debt you have, the less interest you have to pay, and the easier it is to get to the $0 balance. It is a wonderful process if you can start and keep to it. When your debt starts getting lower, don’t get over-confident and start charging things again.

If you don’t have enough current income to make the minimum payments plus some extra, then you may have to reduce your lifestyle or take a second job. Still not enough? Take a little bit out of your savings account each month, borrow from your family, get a home equity loan or sell some of your belongings.

OK, all that assumes you have an income and the self-discipline to make your payments. What if you have no income or your total credit card payments are impossible. Try getting a credit counselor or try entering a debt management plan. Look here for how to get these: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre26.shtm

Also, the Federal Trade Commission has a lot of good information on getting out of debt here: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre19.shtm



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