If you need to reduce or eliminate credit card debt because you’re paying of the minimums and you’re not getting anywhere, it's time to get serious.

The obvious way to get rid of debt, experts agree, is to attack the highest interest rate first. When any particular one is paid off, begin wiping out the debt with the next-highest interest rate.

But always attack that high-interest debt first. On that debt, you want to double, triple, or quadruple minimum payments. When you're done with any particular one, move on to the next. Size up bills by rates rather than the quantity of the balance.

Stick to Your Plan

The true secret to an effective pay-down plan's sticking with it. Do not give up on the monthly obligations as the credit cards' minimum payments inch down and therefore bills get paid off.

The problem I see is always that people make mental promises to themselves that they just can't keep .It is said they will pay $100 monthly but it's too large a stretch. They can not do it and simply give up. But if you do that, your problem will only worsen.

Think before you decide to Act

To prevent falling into that trap, take a hard look at the finances and discover how much you can realistically afford to repay each month. You ought to track your spending each day for a month to secure a firm handle on where your funds are actually going.

You will save you about twenty percent just recording where all your money goes, given that you will start reducing.

After tracking your spending, you can better decide how much you can afford to be charged toward credit card debt. Experts mention that just $50 more per month can make a positive change.

Pay more than the Minimum

When you start paying greater than the minimum, the credit card debt starts to disappear. Paying precisely the $60 minimum payment with a $3,000 bank card balance would take eight years in order to and cost a person a whopping $2,780 in interest.

If you are paying an additional $50 monthly, the debt would be paid off in 36 months and you will be spared $1,800 in interest charges. Use Bankrate.com's bank card minimum payment calculator to check out how upping your payments will cut your time in half, or more.

It's also important to keep in mind that debt is not always bad. For instance, mortgage, auto and some personal loans are labeled positive debt because the interest on these loans is simple (it gets paid off much faster than credit card debt). Some debt is required to reach goals. But the majority of experts advise that debt payments, including car payments and cards should eat up no greater than 10 to 15 percent of your gross monthly income. More could spell trouble.

If you have an excessive amount of debt and you are paying minimums, you may wish to speak to a debt counselor or debt negotiator to analyze your options.Good luck!

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