by JQ Adams

Created on: July 04, 2009   Last Updated: July 05, 2009

Thousands of individuals across the nation are drowning in credit card debt and the interest rates for the credit cards are digging the hole deeper. Some people are in despair, thinking that there is no way that they can ever extract themselves from the debt that they have accrued, but there is a silver lining for their cloud of doom. By following these 5 simple tips, you can make credit card debt disappear and prevent it from returning to ruin your financial stability.

1. Pay Off High Interest Rate Credit Cards First
People that have multiple credit cards will often have different interest rates for each credit card. Begin by paying off the credit card with the highest interest rate because reducing the balance on that credit card will save you the most money in interest payments, which can then be applied to paying off your other credit cards.

2. Do Not Miss Any Payments On Your Credit Cards
Many credit card companies apply a hefty fee to your account, often between $35 and $39, for every missed payment on the account, even if the payment is only a day late. To make sure that fees are not erasing the work that you have done to pay down your credit card, be sure to make every credit card payment on time and pay at least the minimum amount due for payment.

3. Stop Using The Credit Cards
It is impossible to pay off a credit card if you are still using it every month to pay for purchases. Consider removing the credit cards from your wallet while you are trying to eliminate your credit card debt so that you will not be tempted to use the credit card. Be sure to avoid closing the accounts that you have held the longest because this could have a negative impact on your credit score.

4. Pay As Much As You Can Each Month
The more you pay towards your credit card bill each month, the faster your credit card debt will be eliminated. Review your monthly expenses and see if there are any items that you can do without so that you can put that money towards paying down your credit card bills. Common cost cutting methods include beginning to take your lunch to work each day instead of eating out or brewing your morning coffee at home instead of purchasing it each day from a coffee shop.

5. Stay Motivated
Although it can be hard to have the discipline to cut your spending to pay off your credit card balances, keep in mind how much better your life will be without that huge balance hanging over your head each month. Once you have paid off your credit card debt, you will have the processes put into place to easily save money for anything that your heart desires.

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