how to get out of credit card debt?

Answer 1

Pay as much as you can but remember to also put some aside in savings. You need to pay off the higher interest cards first... once they are paid off, DO NOT CANCEL them! Just cut them up so that you will no longer use them. However, you need to make sure there is no annual fee on them... even if there is depending on your credit- you still might need to keep them open! Basically, getting out of credit card debt takes time and persistence. You need to take it one step at a time. If you have a bill pay service like through wachovia bank then they can help you with an automatic deduction and scheduling of payments which sometimes makes the process easier. Hope this helps!

Suze Orman also has some great words of wisdom on her website www.suzeorman.com and in her book, "The Young, Fabulous, and Broke." If you can, you should purchase that book - try half.com or eBay. It has changed so many thought processes including my own! :)

Answer 2

Credit card debt, is not an unusual situation and we can find people everywhere, who are suffering from this very problem. Getting into debt is very easy, just a quick spending spree and you will reach this hell, but getting out of a credit card debt takes a lot of discipline and will. However, nothing is impossible and anyone can get rid of the credit card debt provided he follows these basic things.

Discipline is the first thing to begin with. Yes, usually it is the wasteful expenditure and uncontrolled spending that lands a credit card holder into credit card debt. Taking a pledge to control your credit card spending unless you get out of this credit card debt will put you on the right track.

Budgeting the expenditure and taking control of your finances will help you gauge what is needed and money spent on which items are bugging you later. Again the discipline comes into play. Sticking to your income limits will help you cut the overspending and simply have the courage to cut off all those things which are not absolutely important.

When you have decided what is necessary, try to pay for all that with cash. Yes, you heard it right hard cash. This will benefit a debt ridden person tremendously. Put off those credit cards away for the moment.

While budgeting, make sure to earmark the amounts necessary for credit card monthly installments. These funds should not be used for any other thing what so ever under any condition. This will build up a repayment schedule which is regular. Thus acting in this way you will do two things. First, you won't add anything to your credit card bill, secondly the repayment schedule will get regular. So, your debt will start reducing regularly. Read more from: http://www.credit-card-gallery.com/article/378,Credit_card_debt_Get_rid_of_it_by_these_simple_steps

Answer 3

The first thing you need to do is to stop using the cards to begin with. Cut them up today. Get in the habit of using a debit card or cash to pay for everything. This will also help you start saving more. Use the money that is saved up to make major purchases. Personally, I never have less than $1000 in my savings account in case an emergency comes up that used to be paid with a credit card, like a car repair.

As for the existing debt, the first thing to do is list all of your debts from smallest balance to largest balance. Do this for everything (car payments, student loans, credit card debt, etc.). After you take care of your monthly bills, like utilities, rent, and food, pay the minimum payments on all of the debts except for the smallest one. On that one, pay as much as you can every month until it's paid off. Once that's done, take the minimum from the second debt and add it to the money that was going to the first debt, and pay that towards debt #2. Once that's paid off, do the same to debt #3, then #4, and so on until they are all paid off.

Some people say that you should pay the debt with the largest interest rate first, rather than the one with the smallest balance, because you can save money by paying less towards interest. Mathematically, that is true. However, the reality is that the amount of savings will be minimal, especially if the overall amount of the debt is not very large. The other reason to pay the smallest balance first is psychological. It's possible that the debt with the largest interest rate is the one with the largest balance. After paying what you can towards this debt over several months, you might think the debt isn't going down very much. You'll get discouraged, think "I'll never pay this off, so why bother", and go back to using credit cards again. By paying the smallest balance off first, you'll see a quick result. If you pay off another debt shortly thereafter, you'll think "Hey, this works", and be even more determined to pay off the rest of the debt. Before you know it, you'll be debt free, have cash in the bank, and a whole new way of spending your money.

Answer 4

Stop using the credit cards.

Answer 5

Convert short term debt into a long term debt at lower interest rates. If that also is not possible, sell some property and settle the debt.

Answer 6

Find very useful info and tips on getting and managing credit cards on http://creditcardmanager.credithelperhom

Answer 7

Work two jobs and pay off. That's how. And never charge anything again that you can't handle.

Answer 8

Cut them up, pay them off, close the accounts, don't get anymore.

Answer 9

tear up cards and pay bills...never get cards again...EVER!!!!

Answer 10

Change your address, They wont b able to find you.
so no need it pay it back.Haha