Credit cards are very handy tools but you need to be sure that if you use them, you are capable of eliminating credit card debt some stage in the future. Credit card debt is generally expensive and should be among the first on your list for removal.

Getting into debt is easy but getting out again is much harder and involves a disciplined approach if you are to be successful.

Here are some steps you can take to help eliminate your debt:

Take Responsibility

Some people will blame circumstances out of their control for increasing debt. For short periods of time this may be true but in the long run you need to own the responsibility for your spending. There are always options to funding purchases and you need need to decide where the money will come from and if you really need to spend. The decision not to spend may be the best for you.

Make A Positive Decision To Get Out Of Debt

• To get out of debt you will need to do things differently.
• There is an old saying that “today is the first day of your life”. Treat it that way. Forget about the past, its gone and you cant change what has happened. What you can do though is ensure the actions you take in the future get your finances going in the right direction.

Build A Plan

• It is really important to have a written plan to guide you on the road to recovery.
• First take an inventory of all your debt. List everything you owe, to whom, what the annual interest rate is and what the minimum payments are.
• Next look at your ability to pay. Make a list of all your income then subtract off your expenses excluding credit card payments.
• The balance is what you have available to pay off your debt.
• Now look for ways to either increase your income or reduce your debt. Finding a second job or stopping smoking are examples of the things you should look at.

Prioritise  Payments

• Next prioritise debt payments. You will want to bring up to date those debts you are behind on first, then once they are up to date, focus your payments on those with the highest interest rate.
• By focusing on those accounts with the highest interest rate you will pay less in the long run for your debt.

Take Action

Now that you have made a decision to eliminate your credit card debt and you have a written plan you just need to take action. A lot of people get themselves  into serious trouble when they know what to do, but just don’t take action.

Some suggestions for tactics to use when putting together your plan:

• Low interest rate balance transfers. Look for a card with an offer that if you move your debt across to a new card you will get a reduced interest rate for a period of time. If the period of time is long enough for you to get rid of your debt this may be a good option for you. If the offer doesn’t meet the time it will take to reduce debt then ensure you can switch the debt to another similar offer, just before the original offer expires.
• Look at debt consolidation. If you put all your debt in one place, with a reduced interest rate the debt is often easier to manage and will make it easier for it to be paid off.
• Always pay as much off your credit card as possible. Never just make the minimum payments.
• Serious look at cutting up one or more of your cards. This helps remove the temptation to put more debt onto you cards.