- 1
Stop using each and every one of them immediately. Add nothing to your credit card debt from this point on. If you feel that you will not be able to do this, cut them up right away so you will not be tempted. - 2
Call each of the companies and try to negotiate a lower interest rate. It is not widely advertised, but if you have a good account history and do not have any overdrafts or late payments, most of the time you will be able to talk them down. This will reduce the finance charges applied to the account and make them much easier to pay off. - 3
Consolidate your accounts. If you are able, transfer outstanding balances from one to another using the promotional rates that are often offered. Once you have eliminated the balance from one, close it so that it cannot be used again. This will reduce the number of payments you need to make each month. - 4). Eliminate all necessary expenses. Live a frugal lifestyle. In many cases, the person has built up massive credit card debt because he or she spent beyond his or her means. Eat out less often. Don't spend money you don't have to. Stop buying expensive toys and other things that are not essential. Buy cheaper alternatives to essentials when possible.
- 5
Make the maximum payment that you are able to each month. When you eliminate one account, take the amount that you were paying on that one and add it to your payment for the next. Keep transferring the maximum amount possible if you want to quickly pay off credit card debt. Start with the account with the smallest balance and steadily move on toward the highest. By doing this, not only are you paying off credit card debt, but you will be reinforced each time an account is paid off and you are able to pay more on the next one.
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