Credit card debt is a double-edged sword. On the one hand it helps millions of people worldwide by providing convenience and giving them the chance to get a few little extras in life. On the other hand, there are millions of others who mis-use their credit cards and get into financial trouble.

If you are one of those who are on the edge and heading for credit card induced financial problems, stop now and evaluate your situation. If you are living paycheck to paycheck you need to take some corrective steps NOW! Start out by vowing not to use your credit cards until you solve your credit problems. Leave your credit cards at home in a safe place. Do not carry them around with you. If you don’t have them with you, you won’t be tempted to use them.

In addition, you’ve either got to increase your income and apply the extra money toward paying down your debt. As an alternative, you can cut your expenses and use the extra available savings toward your credit cards. The choice is yours. Whichever way you decide to go, the common thread is you have to pay down those credit cards.

There are tons of ways that you can reduce expenses. Start out by downgrading the services you buy every month. Do you subscribe to all the premium channels through your cable TV or satellite service? Get rid of those extras and use the basic service. This may have the added benefit of encouraging you to watch less TV and do more reading.

Do you (and your kids) buy your lunch everyday at work or school? By packing your lunch, you can easily save $150 to $200 each month. You grocery bill is another area where you can reap big savings. By use generic and store brand products, you can shave 10% to 15% off your grocery bill. Cutting out soda and bottled water can save you even more.

Do a thorough analysis of your budget and you are sure to find lots of other areas where you can save. Just don’t forget to apply those savings to reducing your debt.

Check out my newest ebook for the details on how to slash expenses and put money in your pocket to reduce debt!

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