Credit card bail out is a simple but tedious, and long term, project that works only for those with patience and personal financial vision. Start there. Set personal goals for you and your money, write them somewhere. After that, review your income sources and identify a monthly income total.

Next, get a handle on things and create a budget. Review and outline your mandatory budget items such as mortgage, utilities, savings and nourishment. Then onto the fun: your credit recovery plan.

Credit recovery plan? Crazy, right? Well, it's not as tough as it seems. First do some quick research and find the credit card company rate and plan that meets your needs. Transfer to this company as much as you can to meet their minimum payment comfortably. Leave the rest on a single card. Pay the other one off ahead of schedule. This serves you well in that it will lower your overall finance charges and help you understand that credit can be your friend. After that card is zeroed out, move that payment to the bigger balance. Avoid frustration by measuring timeframes in month and years. Financial health needs to be a life time project, anyway.

For the first couple of monthly payment cycles things should be uncomfortable: this means you've truly analyzed your situation accurately. As there begins to be a little more here and there, reward yourself with sensible gifts of travel and personal pleasure, never forgetting the bottom line of credit recovery (hint: this may mean paying it down even quicker).

As you begin to understand your finances, it is time to look at your income. A crucial thing you need to do is get in touch with a professional tax advisor. The expense of having expert opinion is beneficial in two ways: it is deductible from your taxes (ultimately costing you nothing) and these pros are paid to find you even more money. As a general rule, think: it doesn't matter how much you make, it matters how much you keep. Work hard to find someone outside the bulky, national warehouse groups. Ask around and find some you trust and would want a financial relationship with, year after year. The personal service will outweigh the name of the bigger companies.

As you begin to repair debt situation, try on some simple purchases with companies willing to offer you a zero percent finance credit plan. Again, stay within your budget and feel comfortable to use a portion of your savings. This will keep payments comfortable and within budget. The companies are betting that you are going to miss a payment (or pay late) and then make money from your mistake. Prove them wrong.

After this, the credit companies will begin to recognize your hard work and will reward you with better scores. Continue to pay down toward a zero balance and zero finance charge situation. As you continue to make payments, keep in front of the zero plan payoffs, and enjoy your new financial freedoms, life will make more sense.

A final note, early in the credit recovery plan you may need to take on another income source. Consider it seriously. Your long range financial freedoms are worth the extra hours working for the man. Again, think about the long term reward: freedom.

I only tell you because I know.

Learn more about this author, William Kimes.
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