How can I get out of credit card debt?

Answer by  MarkWatrous (729)

1) Call 1-800-388-2227, find the closest Credit Counselor nearest you. 2) Be brutally honest with yourself, your family and the counselor. 3) Work with counsel to pay off your bills.

Answer by  bizgrad02 (103)

Tips for getting out of credit card debt: 1) Debt Consolidation 2) Prepare a budget and stick to it 3) Try and renegotiate the interest rates with your credit card companies 4) Look into a home equity line of credit to pay off your credit card debt.

Answer by  brian7754 (243)

Consolidate to lower interest where possible; other than that, just pay as much as you can to the highest interest cards first, minimums to the rest of them.

Answer by  Lexie (115)

You should pay at least double the minimum payment due for the card, and you should start with the one with the highest interest rate.

Answer by  Javaholic (227)

Credit card debt is a cycle of spending and paying it off. In order to break the cycle, stop using the card to purchase. Only use it if you have the money to pay if off. Sugggestion is to stop carrying your credit cards.

Answer by  bentham (159)

Find the rates on all your cards. Portion out minimum repayments to all cards except the card with the highest rate. Pay that off first then delete. Repeat.

Answer by  Sacrina (32)

You need to gather all of your recent bills and tally up the balances. Next, put the bills in order of interest rate, highest first. Figure out how much more than the minimum you can afford to pay each month and apply it to the highest rate card. When it's paid off, use that to pay the next off.

Answer by  wowididthis (12)

Select the card with the lowest balance and pay the most you can on it every month. Only pay the minimum balance on any other cards you may have until one card is completely paid off. Continue the same process with the next highest balance card.

Answer by  MelindaS (1694)

The best way to get out of debt is to always pay your bill on time, and to pay as much as possible. At least 10% of the total bill would be a good start. Also, cut up the card so that you do not put anything else on it.

Answer by  patti (29325)

The approach depends on the extent of the debt v. income and assets. Check out Dave Ramsey's "Financial Peace" plan for a solid, no-nonsense approach to living debt free.

Answer by  sangee (135)

"New businesses' access to formal credit markets historically has been limited, a situation that has been exacerbated with the recent contraction of credit markets

Answer by  TeresaL (150)

One good way is to pay more than the minimum payment due. Try to cut down on other expenses just to pay more and they will be paid off sooner.