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best way you can use it, and minimize any interest you do obtain on your card.

3. Payments

Don't think that you can continue to pay the minimum repayment and pay your credit debt off anytime soon. Generally, banks have a low minimum repayment which will only cover the interest on the debt, and all you will be doing is paying the interest incurred each month, and the principle amount of the debt will take an eternity to pay.

If you choice not to consolidate your credit debt, those additional payments you make should be put towards debt that has a higher interest rate, ensuring your paying the least amount of interest each month.

4. Good Credit Card Debt

There are times when having credit card debt is not so bad. Many credit cards have an interest free period that can be utilized. There are usually two types of interest free options, those that come with the credit card, and those that come with store and goods.

If you're looking at getting a credit card, try and get one with a set interest free period, and use it wisely. For instance, put all your day to day expenses on credit, and then prior to the interest free period been finished you pay the balance off. The key though, is to be committed, and don't spend up so much you can't pay the balance off within the interest free period. If you think it's too much of a risk, just don't do it at all.

The other interest free period credit is usually available through particular stores at promotion times. This can be a great way of obtaining big appliances or furniture, but again ensure you repay the balance by the time the interest free period expires. If you don't, most of these store cards have a penalty and will back date the interest incurred, usually at an extraordinary rate, so read the terms before you sign on the dotted line.

5. Know Your Expenses

To help you eliminate your credit card debt, and in some cases prevent it from happening at all, the best thing to do is budget. If you have a successful budget and plan of future expenses, you're less likely going to need a credit card to help you through those times when your stuck for cash.

Here are a few tips in planning and sticking to a budget:

- Categories your expenses between, required expenses, debt repayments and luxury expenses. If you don't know where to start, track your expenses over then next couple of weeks.

- Aim to save 10% of your income, if you have a little in savings and an emergency occurs you can use savings rather then going into more debt.

- If your expenses, on an annual basis are higher then your income, look at trimming your luxury expenses.

- Compare your budget with what you've actually spent, review, and where necessary make changes to prefect your budget in future months.

6. Help

If you already feel like you're over your head with credit card debt, then you can get help. There are many organizations, often for free, that can help you with all of what has been discussed above. Stay calm, don't panic and seek help if you need it.

Learn more about this author, CE Wynn.
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