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not these conditions will help or hinder your goal of reducing your finance charges and therefore your overall debt.

- Another important point when considering consolidation offers is the length of time offered at the lower rate. Many agreements offer a choice of either a super low rate (sometimes even 0%) for a limited time, or a slightly higher one that will be in effect until the balance is paid off (usually 5.99 - 7.99%). The lower, limited rate can be tempting, but should only be chosen if it will help remedy the specific financial situation of the borrower in the long run. Oftentimes, the low rate offer for the longer period is more beneficial.

Pay Higher Rate Cards First

- This is a no brainer! If a consumer maintains two or more credit card accounts, paying the higher interest ones down quicker will only save them money in the end. When putting extra cash onto your debts, put it on the higher rate accounts first.

Seek Professional Advice

- One benefit to arise out of the debt crisis has been the advent of debt counseling services. The notion of debt counseling, as opposed to debt consolidation, is providing people to manage their debt without ascertaining new debt. Quality debt advisement businesses offer a wide range of services to help consumers manage their debt. Such services include, but are not limited to:

o Offering budgeting advice to consumers who have difficulty managing their expenditures.

o Negotiating with credit card companies on their behalf, to help alleviate the burden of high payments as well as finance charges, in some cases. In most cases, multiple monthly payments can be consolidated into one, more manageable sum.

o Professional analysis of one's overall financial situation to determine the best options for you.

- As with any other business service in the market, many predatory businesses exist within this now booming industry. All offer promises to oftentimes desperate consumers, preying on those who could least afford to be victimized by such actions. It is important to perform thorough research when exploring credit counseling services. Determining the legitimacy of any debt counseling company will only serve to benefit customers in their search for some authentic help. The National Foundation for Credit Counseling (http://www.nfcc.org/) is a nonprofit agency that provides links to all sorts of services related to credit counseling.

Cut Back on Spending and Cut into Your Debt with a Small Daily Expenditure that You Can Afford

- Have you ever heard the quote, "Pay yourself first?" A couple of years ago, renowned financial adviser Suze Ormon was on the Oprah Winfrey show giving tips on financial well-being. During the show, she suggested taking a small sum of money that you might spend frivolously on a daily basis, such as $8 for lunch or $1.50 for coffee. She suggested putting that money into a savings account. She calculated $10 as an average non-essential expenditure. With this effort, a person would save $3650 in just one year without putting too much of a strain on their wallet. For people with debt problems, this is a beneficial way to chip away at that large stone of debt, whether it's a daily pay-down of $10 or even $5. Making this a habit only serves to help better the financial situation.

Clearly, credit card debt is a major issue in the lives of millions of Americans. There is no magic pill for eliminating it all at once, but there are several options consumers can follow to help effectively manage their credit card debt and begin the journey towards financial freedom. The first step is to step back and explore all options thoroughly and thoughtfully. Then decide on a plan that's best for you.

Learn more about this author, John Myers.
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