So, if you are in a situation where you find that accumulated credit card debt is snapping at your financial heels, then it is time for credit card debt elimination. Here are a few practical ways how you can pay off credit card debt:

1. Use your credit card for emergencies only: It is impossible to altogether stop using your credit card. But it is definitely possible to use it strictly only for making emergency payments. So, step one is to stop using your credit card for luxury shopping, traveling, entertainment and eating out, and focusing its use on absolute necessities such as gas, groceries, etc.

2. Pay more than the minimum credit card debt: Credit card companies are tricky guys — they tell you they are making life easier for you by paying only a small percentage (2 to 3%) of your outstanding, and then they charge you a whopping interest on the unpaid balance. The result is disastrous — you keep spending more and paying only the minimum due, and your debt keeps accumulating. Therefore, if you want to get rid of credit card debt, you must pay more than the minimum amount due. Gradually, the interest amount will keep coming down and you will be able to repay the outstanding amount in a phased manner.

3. Take a home loan: Sure, the sub-prime market crash may have made taking a home loan an onerous task, but if you have a home and a whole lot of credit card debts, then mortgage your home, take a low-interest loan, and repay off the high-interest credit card debt. Remember, interest paid on home loans is a deductible expense and that is another benefit you derive with these loans. Of course, the primary advantage is that you are using this cash for repaying that monster credit card debt that is hanging around your neck!

4. Borrow from other sources: if you do not have a home to mortgage, then consider borrowing using your life insurance policy or your 401(k) plan. However, remember this: when you are borrowing to repay off expensive credit card debt, then you must not begin splurging once you square it up. Adopt austerity measures and concentrate on paying off the new loan in your life.

5. Shift balances: Analyze your credit cards and you will find that some of them have a lower rate of interest. If you do have such low interest cards, then shift the outstanding balances from your high-interest cards to these.

6. Negotiate with the credit card companies: If nothing else seems to be working, then it’s time to have a sit-down with your credit card company and place the cards on the table. Tell them that you are unable to pay the outstanding balances, and if they want their money back they will have to restructure the credit card debt. Every credit card company will sacrifice something to get their outstanding back, and nine times out of ten they will plan a good repayment deal for you.

That was how to pay off credit card debt faster. We hope the information was useful. And, good luck to you on finishing off your unwanted credit card debt.

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Lorenzo Fenix Presents: An in-depth account of the ins and out of the credit card business in America. In Debt We Trust was written, Produced and Directed by Dannny Schechter. Once you watch this movie, you’ll gain valuable insight into the credit card game.

Help answer the question about credit card debt

What should I do about credit card debt? Do I have to pay it off before I can save for a house?
I'm 26 years old, I make about 50k a year and I want to start thinking about buying a house. What should I do with this nagging credit card debt? Aside from car payments, the only other debt I have is $5,000 on one of my credit cards. Can I think about saving for a house, or should I pay it off before I even consider it? Thanks.

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Paul Sarwana offers credit card debt reduction tips to help debtors build confidence in improving their financial situation. Continue reading to get more tips on how to pay off credit card debt plus learn ways to reduce credit card debt and become debt free.

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Different Ways to Pay Off Credit Card Debt

Anyone who has read any newspaper articles on ‘Credit card debt’ would already know what credit card debt consolidation is. However, just for the benefit of others, credit card debt consolidation, in simple terms, is the process of consolidating debt which you hold on various high APR credit cards onto just one low APR credit card. Thus, the main benefit of credit card debt consolidation is realised in terms of APR reduction (and hence reduction in credit card debt growth rate).

This is touted as the most important benefit (and sometimes the sole benefit) from credit card debt consolidation. However, credit card debt consolidation comes with few more benefits as well. Some of these credit card debt consolidation benefits are widely publicised by the credit card suppliers and some not so much:

1. Initial APR: As mentioned above, lower APR is the biggest benefit from credit card debt consolidation. Since credit card debt consolidation is used by credit card suppliers as a tool to attract consumers, they generally offer a 0% APR for a initial period of 6-9 months of you joining their credit card debt consolidation programme i.e. first few months after you get the new credit card.

2. Standard APR: Lower standard APR (i.e. the long term APR) is the other important benefit from credit card debt consolidation. Though not all credit card suppliers offer a lower standard APR with credit card debt consolidation some do design credit card debt consolidation programmes with good standard APR. These credit card debt consolidation programmes offer a trade-off between initial and standard APR rates.

3. 0% on purchases: This is another common benefit from credit card debt consolidation. The 0% interest (or some lower percentage) on purchases is offered as an incentive for credit card debt consolidation. This credit card debt consolidation benefit is again applicable only for a short initial period.

4. Easy management: This credit card debt consolidation benefit is not as discussed as others. However, one benefit of credit card debt consolidation (from multiple to single credit card) is the fact that you need to track and manage a lesser number of credit cards.

5. Other benefits: The credit card debt consolidation exercise might bring you some more benefits in terms of rebates, discounts and reward points (especially if you move to a co-branded card as part of credit card debt consolidation).

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credit card debt

www.FreeDebtExam.com http The power of compound interest. This is why it’s so hard to get out of credit card debt. If you want free help, take the Free Debt Exam at www.FreeDebtExam.com

Help answer the question about credit card debt

How do credit card debt councilors work with credit card issuers?
I've seen on t.v. how credit card debt councilors work with banks when people owe a lot of money on their credit cards. They say they can not only reduce the amount owed but also get your monthly payments down to where they are manageable. How do they do this, are there any consequences such as a reduction of credit score, and is it effective (do they really do this or is it a scam)? Also, how much do they charge? Thanks.

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Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs

For more information and resource links on credit visit: Cheap Credit Cards

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My Tips to Credit Card Debt Consolidation