Find Budgeting Software @ Budget-Sheet.com Home Budget Sheet Budgeting Software Budgeting Articles Best Budgeting Software! We encourage you to visit the budgeting software sites below for more information or to find budgeting software information! It's really that simple! We Make It Easy For You To Find Budgeting Software And Budgeting Help! Budgeting Software, Budgeting Money Get Out of Credit Card Debt Get Out of Credit Card Debt How can you get rid of your credit card debt? The first thing to do is get all your credit card bills together. For each account, write down the total balance and the minimum monthly payment required. You can use the table below. Credit Card Amount Owed Minimum Payment Interest Rate                                                                                 Prioritize Repayments: Credit card companies require a minimum payment each month. The next step in reducing credit debt is to be sure you can make the minimum payments on your credit cards. Look at your spending and see if you need to make cuts to find the money to pay your credit card bills. If you pay only the minimum payment required each month, it can take a very long time to clear your balance. For example, if you have a $3,000 balance at 18.9% interest and you pay $50.00 toward the balance each month (a typical minimum payment), it will take you 15 years and 6 months to pay off your debt. And it would cost you $6,279.85 in interest charges. Plan to do more than just pay the minimum. In the example above, if you paid $60.00 each month instead of $50, it would take you 8 years and months to pay off your $3000 and cost you $2,947 in interest charges. Develop a plan: To reduce your credit card debt you need to plan how you want to do it. First, gather all your credit card bills together and complete the table above. Then look at your different debts and set priorities for your repayments. Which debt will you pay first? Choose a strategie. Once you have a plan, you are on your way to reducing your debt. Choose strategies to cut your debts as soon as possible: Pay high-rate cards first. At higher interest rates, more of your monthly payments go toward finance charges. Quickly paying off balances on your credit cards with high rates can free up cash to pay other bills. OR Pay off cards with the smallest balances first. Paying off cards with small balances gives you extra money to pay on the bigger balances. Make Power Payments: Once you pay off a bill, next month add the amount you’ve been paying to the check you write to your remaining creditors. For example, let’s say you pay $30 a month to Sears. Once it is paid off, you add $30 more to the check you write for your VISA account. Then when you’ve paid off VISA, add that amount, including the $30 from the Sears account, to the check you write to pay your MasterCard amount, and so on until all the accounts are paid in full. Stop making new charges: If you have to, have a “plastic surgery party” and cut up all your cards, hide them, or lock them in a drawer. Get a cheaper credit card: Find one or two low-rate cards and cancel all the others. Switching from a high-rate credit card to a low-rate card can easily save you $200 or more a year. Budgeting Software, Budgeting Money Budget-Sheet.com Recommended Site Resources Credit Card Debt Consolidation - Free Debt Consolidation Quote Debt doesn't have to control your life. Click here to learn more. Debt Consolidation Home Loans, click here