Credit card debt can be one of the hardest to get out of because it is a revolving debt. What this means is that the debt does not have to paid off, but just a small minimum payment instead. It means that it is easy to keep the debt and just pay a small amount meaning the total cost of the debt can be very big. This can lead to people running out of credit options and having to turn to Payday Loans and things like that instead. So it is best to get out of this sort of debt as soon as possible.
The obvious thing to do is to stop spending so much money. Cut up the credit cards and then you will not be tempted to increase the debt on those. Then look at what you normally pay for and make sure that you cut out all of the items that are not necessary. This means cutting back on mobile phone contracts, expensive cable TV, buying so many clothes, smoking and drinking, going out and things like that. This will make life difficult for a while but you can start doing these things again once the debt is gone.
Pay Off More than the Minimum Balance
It is important to make sure that you start paying off some of the debt. You will only have to pay the minimum balance which may barely cover the fees on the credit card. Try to put as much money as you can each month against the balance of the card, to start reducing it.
Tackle High Cost Cards First
The most cost effective method of getting out of debt is to tackle the most expensive debt first. Pay off this one and you will gain a lot of money each month which you will be able to use to pay off the cheaper cards.
Tackle Smallest debts First
Some people find it psychologically easier to see their debts disappearing. In this case it may be better to pay off the smaller debts first and then they will be gone and there will be a great feeling of satisfaction that could encourage the repayment of the others. This is not the most cost effective method but could work better for some people.
Finding the money to pay off the debts can be difficult. It is therefore good to do your best to increase your income by whatever means you can. Ask for a pay rise, get a second job, sell items that you have. There are quite a few things that you can try to make more money which could help with getting the debts paid off.