by William Bond

Created on: January 18, 2010   Last Updated: January 19, 2010

 Credit card debt is a major problem with millions of people right now. Many have experienced unemployment during the last two years, others are working only part time, and others spent too much money for the holiday season, while still more  are simply using their credit card because they have too little cash saved, and their debts are too high.  Getting into credit card debt is very easy, even when you try hard to keep  your credit cards balances down to a reasonable amount.  What to do?  Follow the "Cut Debt Tips" offered to you in my article below, take action now to manage credit card debt, and then eliminate it altogether to enhance  your financial  life.

Do an inventory of all you credit card debt.

Make a list, or use your computer,  to make a master listing of each credit card include your store cards as well, list the total amount owed, the minimum  payment amount, the due date, how you pay it, by check or pay online, and any other detail you need.  Count up the total you owe on your credit cards, all of them.  How do you pay them off?  Do you have any money in your savings account?  Do you have an emergency fund?  This emergency fund is $l,000-2000 saved in a fund, to help you pay for house repairs, medical and  expenses needed,  not covered by your insurance,  electrical repairs, plumbing repairs, heating repair, or a new heating system.

 Without  the emergency fund, you might be forced use your credit cards to pay for these items.  Can you work overtime at work to help pay these credit card bills?  Can you start a side  business to help get more income into your financial life.  Examine your budget or your monthly list of bills?  The devil is in the details of your monthly expenses.

Review your monthly expenses, cut them fully.

Take out your checking account records for the last 6-l2 months, and your credit cards statement for the same period, and carefully review each statement to see where your money is going.  Do you spend money on your need or wants.  A need is your  electric bill,you need electricity, but you have some wants, which could be the concert ticket for $l50, when you could  buy the concert CD for only $25.  Look at each item you pay monthly, ask yourself the following questions.  Do I really need and use it? 

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