Credit card deptCredit card debt elimination is the dream of many people, getting rid of the debt that has plagued them for so long can bring an incredible feeling of freedom. In today’s society it’s very easy to get in over your head since it’s virtually impossible to pay cash for everything you need. That’s where credit cards come in. But if something happens, you might not be able to pay off the bill when it comes in and it can quickly spiral out of control.

Anything can contribute to this, as accidents do happen. You might simply forget about the payment, or you may have been injured and had to pay medical bills, or maybe even something as simple as not getting the payment in on time. None of these are reasons for you to be condemned to a life of debt.

There are a lot of options for getting out of debt: debt consolidation, debt counseling, even bankruptcy. However before you do anything as drastic and permanent as bankruptcy take a step back and think about it. You should try to solve this issue on your own first, as bankruptcy must be an absolute last resort.

As the saying goes, “if you want something done right, do it yourself”. This can also be applied to getting out of debt.

Here are three easy steps you should follow to help get out of debt. It’s not going to be quick, and it will take patience and discipline, but it is a proven system that will help you be debt free.

1) First you should make a detailed list of all your debt. Have everything included, even the smallest debts. The list should show all your monthly costs as well. From utility and house payments, to insurance payments. Anything that’s taking money from the household should be added. All of that should be in one column, while all of your credit card debt is in the other. That way your expenses and debt are side by side.

2) Give yourself a very strict monthly budget. Make sure you are able to pay the minimum payments on all of your debt.

3) Use that list and choose the smallest debt first. Pay as much as you can spare towards that single debt. Soon it will be paid off and you can take the money from that debt and apply it to your next smallest debt. Keep doing this over and over, working up the list. If you keep doing it you’ll eventually find yourself getting out of debt.

Credit card debt elimination is a hard thing to do, but it can be done. Just make sure to always have hope, and keep going. As long as you stick to the system above you will find yourself free of debt.

This method is proven to work for many people, it just takes a lot of patience and discipline. You will probably have to make some sacrifices as well such as cutting back on your daily lattes and eating out as often. But that will be a small price to pay to finally get out of debt.

Books on getting out of dept and dept management:
Dave Ramsey, The Total Money Makeover: A Proven Plan for Financial Fitness
Suze Orman, The Money Class: How to Stand in Your Truth and Create the Future You Deserve

Image courtesy of digitalart / FreeDigitalPhotos.net