How to Eliminate Credit Card Debt

We aren't all millionaires and some of us have to stop living like we think we are. Credit card debt can be eliminated, and it can be reduced even easier. To make a long story short, one may benefit through implementation of one or more of the following techniques to reduce and/or eliminate credit card debt. The first letter of each debt reduction technique spell out SCARY when put together because it is scary to try and face debt.

• (S)top accumulating credit card debt immediately
• (C)onsolidate credit cards into one low interest loan
• (A)pply more money each month to paying off the debt
• (R)eassess and adhere to a personal spending budget.
• (Y)ell out for debt elimination assistance

These steps are common advice for eliminating debt and are easier said than done; after all a really smart monkey might be able to pay off credit card debt if one gave him a spinner with two options; pay off and don't pay off! The reality is many individuals use credit cards to help them live. The clue in this is either one is living a standard one can afford or one isn't. If the former, then paying off debt is more difficult and requires the following additional ingredients.

1. Dedication to the new budget.
2. Commitment to not spend more than one can afford.
3. Understanding of how compounding can cost more than the original debt.
4. Live within your means even if it means moving in with the parents for a while.

The way to eliminate credit card debt is easy, doing it is much harder. If it wasn't hard no-one would have this problem and credit cards would be making less money. If you or someone you love needs help paying off credit card debt, understand the seriousness of the situation and try to follow the above steps as best you can. There are also many references and online guides that can be helpful in developing a debt elimination plan. While this may involve a little thought, the amount of information available on the internet and through non-profit consumer services etc. can be useful.

Eliminating credit card debt essentially means paying off the credit card and if the cards are used thereafter, the new balances are paid of frequently in full. Implementing a credit card debt elimination plan involves making consistent and large enough payments to pay more than interest and costs added to the card. However, other techniques that may lower interest rates, and amounts added to the card(s) every month can also be helpful in eliminating the debt faster.