The first step is to be true and honest with yourself about your debt and how much you have. If you are purchasing more than what you are making, then you need to stop. Do not add anymore to your debt. Cash needs to be used rather than credit cards. If you do not have the cash for your purchase then do not buy it.
The next step is to start paying off the credit cards. Start by paying off the card with the highest interest rate first. Each month pay the minimum on all the cards except that one.
Pay that one credit card’s minimum plus any additional amount that you can. When you finish paying off that highest interest rate card, then move on to the next highest interest rate.
Keep doing this until you have paid them all off one at a time. This will take some time and commitment but it can and will be done.
One other step you can take is lowering the interest rate on your current credit cards. Many times all it takes is a phone call to the creditor and the rate will be lowered just by asking.
You can also try to transfer balances from one card with a high interest rate to one with a lower or zero interest rate. This will save you money all around.
If you are honest with yourself, set a budget and make a commitment to paying off your credit card debt, it can easily and successfully be done.
Sebastian
