subject: Paying Off Credit Card Debt [print this page] Paying off credit card debt can be a daunting task, especially if you have a lot of it. With your cards maxed out and suffering from the indignities of late fees and over-limit fees, it can seem as if there is no way out of the black pit of debt, especially if you are only paying the minimum monthly payments. Unfortunately, getting rid of this debt is a burden for many Americans, and lots of them are having trouble making ends meet AND paying their credit obligations. Fortunately, there are several ways to get rid of this burden sooner than you think. If you are determined, creative, and willing to take some chances, you can be financially free in years, rather than decades.
First of all, refrain from adding to your existing debt. You will never find yourself in the position of paying off your credit card debt if you keep making it bigger. Put your cards away where you can not reach them easily, and only use them for emergencies. Even better, cut up all but one (either the one with the lowest interest rate or the lowest balance), and keep that one in a place that is not easily accessed, so you really have to think about it before you use it.
Next, put yourself on a budget where you eliminate any unnecessary expenses. You do not have to feel deprived or that you are doing without, because you will never stick to a budget like that. However, you do need to "trim the fat" as it were. Is there anything that you are regularly spending money on that is not absolutely necessary or that you could pay for more cheaply? Make those changes as soon as possible, so you will have more money to devote to reducing your debt.
Finally, talk to your creditors. Believe it or not, most of them will be willing to work with you to help you in paying off credit card debt more quickly. Depending on your particular situation, you may find that your creditors can offer to reduce your interest rate, eliminate late fees or over-limit fees, or even reduce your overall balance to make it easier for you to become financially free more quickly. It is actually in the best interests of your creditors to help you in these ways, as by doing so, they will help you avoid bankruptcy and ensure they get at least some return on their credit investment in your account.
