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Credit CardsCredit card debt can be overwhelming.  The minimum payments can get out of hand.  Do you feel like you will never be able to pay them off?  Well, there is a way to get out of credit card debt without going bankrupt or ruining your credit.  However, you have to promise 3 things:

1) That you are not going to use your credit cards anymore.

2) You are going to create a budget and follow it.

3) You are going to change your spending habits.

It won’t be easy, changing habits never are, but if you will
promise to try, then you are already on your way to getting out of debt.

Now, here’s what you need to do:

1) Make a list of your credit info.  Use the following table:

Name of

credit card







Ex. Bank of America $4,000 12% 75.00
Ex. Capital One $2,000 18% 50.00

2) Determine the amount that you can pay each month towards the credit card debt according to your budget.  (Ex. $200.00)

3) Pay the minimum on the credit card with the lowest interest and pay the rest towards the higher interest credit cards. (Ex.  $75 to Bank of America and $125 to Capital One)

4) Whenever you find you have some extra money put it towards the highest interest card.

5) Continue with this payment arrangement until the credit cards are paid off.  As one card is paid off, apply that payment to the next highest interest rate card.

BONUS:  if you split the monthly payment in two and make the payments twice a month, you will reducthe average monthly balance and, consequently, reduce the finance charges.

Now, if you are really serious about getting and staying out
of debt, here are some additional suggestions that will be topics of future

  • Find lower interest rate cards
  • Find part-time work
  • Sell your junk and unneeded valuables
  • Downsize
  • Cutting up all of your credit cards and living
    on a cash basis

Credit card debt can be a scary topic for people trying to deal with it. This is just a brief overview of some ways to tackle the debt. If you need more help understanding credit card debt and how you may be able to get out of that debt, please give us a call!