Lose Credit Card Debt Fast and Keep it Off!

Credit card debt is like being over weight. And while there are a million diets designed to help you lose weight fast you'll never keep it off without making fundamental changes to the way you live. So to get the weight of credit card debt off your shoulders, you'll need to combine some established short-term debt reduction strategies with some new found long-term discipline.

Assess your finances
Start a budget
Lower your balances
Stay trim

Getting on the scale

When you know that you've put on weight it's hard to get on the scale. Ignorance is bliss. But when it comes to your credit card debt it's time to be a little brave. Set aside some time, layout all of your statements, take a deep breath and then make an honest assessment of your debt. Figure out how much you owe on each card and what the monthly minimums are. Post it somewhere in your home where you're forced to look at it often. Study the terms of your cards; the APR on transfers, purchases and cash advances, the cost of late fees and the length of your billing cycle. This will help you to determine among other things which cards to pay down first and where you can avoid extra fees. Make note of recent charges. How many are for necessities like food, gas, etc. and how many are for things like restaurants and new clothes? Get in the habit of reviewing your bills carefully each month. When you see where you're spending your money you're more likely to take control of it.

Start a budget

Figure out how much you take in each month and how much you spend on bills and day-to-day expenses. If you have more going out than coming in you've got to make some changes. Cut some expenses and start a budget that accounts for paying down credit cards each month not just making minimum payments. Begin by pay off your high interest cards first.

Put down the fork

There are a number of tactics you can apply toward reducing your credit card debt but they won't work if you keep racking up charges. Put the cards away and start a new era of "cash only". Stop using your credit cards for everyday purchases like grocery shopping or filing your tank. It may be more convenient to pay for everyday items with your card but it's harder to keep your spending under control. Break your old habits and make a cash budget. Even if you plan to pay off the new charges each month you will find that you'll spent less and stick to the essentials when you pay cash.

Consolidate your cards

Consolidation is easy and can help cut your debt down quickly. Simply take a low interest card and use it to pay off several other higher interest cards. Call your card companies and ask if they have any special balance transfer offers. By consolidating you'll simplify your bills, avoid late fees, lower your monthly minimums and have more money to pay down the principle.

There is no mystery about weight loss and lowering credit card debt - both start by taking control. And most importantly once you've trimmed down you're going to start to feel a whole lot better about yourself.