Credit Card Debt Freedom is Possible

Credit card debt have you drowning financially? You're not alone. The average American household carries $9,205 in credit card debt, according to CardWeb, an online industry tracker. Not managed properly, this debt can come to eat up all of your disposable income leaving little or nothing for bare necessities. Some people in this situation respond by charging more but that will only get you further in trouble.

Fail to plan and you plan to fail

There is this cliché that states that if you fail to plan you plan to fail. The first thing you need to do is evaluate where you want to be. Do you want freedom from your credit card burden? Is so, you need to develop a different action plan to the one you are currently following. Makes sense doesn't it?

Start by listing all of the debt you currently owe along with a list of what your monthly obligations are for each debt. At the top of the page, list the amount of income available to pay these debts after essentials like food, hydro, etc... are taken out. When listing essentials, it's important to include a certain amount for clothes, medical and entertainment because no matter how good your intentions, you will spend some money in these areas. If you budget ahead for them, you are less likely to just waste it.

Start paying one credit card first

Don't try to pay off all of your credit cards at once. Doing this will take too long and end up discouraging you. You're better off concentrating on getting one card paid off, then putting the money you've freed up from that one card and applying it to the next one and so forth.

Which credit card charges you the highest rate of interest? Start with that one. Pay the minimum due on all of your credit cards expect for the one you have chosen to focus on first. On that card, put as much money as your budget allows onto the card after all of your expenses and debts have been factored in. Keep doing this month after month until the credit card balance goes to zero.

Loose all credit cards except one

Plan to keep one major credit card for unexpected expenses, car rentals and emergencies. Get rid of all your other cards as you pay them off. Most people can't resist the temptation to spend money on a clean card. If this describes you, you're better off without many credit cards than you are to get right back into deep credit card debt.

Follow this plan, and depending on how much you owe, in a year or so, you should have pretty much achieved credit card debt freedom!

Joe Duchesne is the webmaster of Bootdebt.com a website dedicated to helping people with credit card debt, debt consolidation, getting out of debt and becoming financially literate. Reprint freely as long as you keep this resource box and include a live keyword rich link back to my website.

---

Debt Elimination Is The Key to Financial Freedom

If you want financial freedom, the first thing that you... Read More

Debt: Dont Pay Your Minimum Balance

Almost all Americans carry credit card debt. Actually, over 40%... Read More

Pay Off Your Student Loans and Reduce Your Debts

Financing a college education is one of the more expensive... Read More

Hide That Car! Fighting the Repo Man

Vehicle repossession may appear justified in circumstances where a person... Read More

Debt Elimination 1

If you have multiple debts, you may well be wishing... Read More

How to Avoid Bankruptcy

Bankruptcy is a legal way to offer folks with high... Read More

Save Money When Going Out

It seems as though whenever we go out for the... Read More

New Bankruptcy Law Will Not Protect You from Identity Theft

Recently passed by Congress with overwhelming support, the oddly-named Bankruptcy... Read More

What Is A FICO Score?

Your FICO score or credit score as it's commonly called... Read More

Slowing Spending - The Key To Your Debt Plans Success

Anyone who embarks on a debt reduction program should know... Read More

Mr. Cheapies Frugal Budget Tips

So you feel like a hamster spinning your wheel? The... Read More

Why You Should Get Out of Debt Today?

The main reason for getting out of debt today, is... Read More

Taking The Plunge Into Bankruptcy

Bankruptcy is one of the most difficult things a person... Read More

What the Mail on Sunday Said

Anyone considering Bankruptcy may have experienced fear after reading an... Read More

5 Options Toward Debt Relief

If you are in debt, well over your head in... Read More

The Road to Debt Relief

Living with debt is not something someone hopes for, but... Read More

Selecting A Credit Counselor; Asking The Right Questions.

When you find yourself thinking about using a credit counseling... Read More

What Are The Benefits and Consequences Of Getting Rid Of Debt The Easy Way

We have all experienced getting so far in debt we... Read More

Is Filing for Bankruptcy an Option for You?

Bankruptcy laws give debtors a way to resolve debt by... Read More

Learn How to Get out of Debt

Debt is becoming number one problem in the United States... Read More

Learn The Five Key Debt Reduction Steps You Must Take Immediately!

Step 1. The purpose of this first step is to... Read More

The 7 Secrets to Getting?and Staying?Out of Debt

As vice president of the American Credit Foundation, a nonprofit... Read More

New Bankruptcy Law ? Where?s the Consumer Protection?

On April 20, 2005, President Bush signed into law the... Read More

How Do I Lower My Debt Burdens?

How do I lower my debts?There are several ways of... Read More

Credit Card Debt Freedom is Possible

Credit card debt have you drowning financially? You're not alone.... Read More

5 Ways to Get Out of Debt

It has been said that everyday more and more people... Read More

Think for a Change

I'm not sure where it originated, but I've heard it... Read More

British Families and Debt

There is current concern from the Bank of England that... Read More

Individual Voluntary Arrangements- A New Alternative to Bankruptcy

This May, the Department of Trade and Industry in the... Read More

Five Major Ways to Save Money

There are two main roads to improving your personal finances:... Read More

Bankruptcy Reform

There are some new bankruptcy laws going into effect before... Read More

The Simple $10 Debt Elimination Solution

Ask a friend what resolutions they made for 2004 and... Read More

How to Negotiate Debt Settlements

Knowing how to negotiate debt settlements is the key to... Read More