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Sunday, February 1, 2009

The First Steps to getting Rid of Credit Card Debt

By Paul J. Easton

Accumulating the credit card debt seems so easy but get rid of it is so really challenging. With the mounting insecurity in our economy, escaping the credit card debt is much more needed than before. But how do we get started?

The first step is pretty obvious: you need to stop using all credit cards. Yes, that is today and not tomorrow. Continually using the cards gets you tempted to spending more than what you can afford. You will just be shocked later how big your balances went and the trouble starts to sink in. So cut up your card now!

Without the credit cards, take your plan of getting out of debt by making a list of what you owe. This may be hard as you truly see the real debt deal. Collect all your bills from different cards. Have a pile of all your statements and list all your debts in order starting from the largest balance to the smallest. Have an inventory of their minimum monthly payments and the interest rates that you are paying on every card. By having this analysis, you now have a clear understanding of where you truly stand.

Always prioritize your repayments no matter what. Select the card with the highest interest rate. Pay them fully off first to avoid the charges with this card. If your budget would still permit, pay off also the card with the smallest balance. You can maintain paying the minimum for the rest of your cards for now. Upon fully paying the first two cards, you will feel some motivation in doing the same for the rest of the cards. Be debt-free now with these tips on how to get rid of debt here.

The debt started with your bad spending habit. So even if you have to take on a part-time job or keep on paying your bills, you just have to cutback on your luxury spending. This is the time where you decide that you really need to just live within your means.

If you find your situation to be very distressing even after cutting back on some expenses, you can find alternative ways of raising funds. You can consider liquidating some assets that you don't necessarily use like holding a garage sale.

By taking the action to step up and face your credit card debts, you deserve a pat in the back for the courage. Keep the hard work and with due consistency, you will be looking forward to being debt-free.

For information on how to get rid of debt, go to http://www.Howtogetridofdebt.net/ by Paul J. Easton.

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