Fast Track to Eliminating Credit Card Debt

This information can also be found on our Credit Card Tips page, but it bears repeating:

Get a notepad and write down your monthly incomes (after taxes). From this amount, subtract your rent or mortgage payment and other monthly expenses such as alimony or childcare, student loans, insurance, utilities, and groceries. Once you have subtracted all of your expenses, the amount left can be applied to pay off your credit card debt. Try and find ways to reduce your spending if this amount is too small.

Consider turning off your cable subscription or carpooling as ways to cut back temporarily.

Continue this cycle each month until the credit card debt is paid off. Even though this may seem like an odd process, it is the fastest way to reduce your debt. During this time, you should not be accumulating any new debt. Also, try to increase the amount you pay toward your debt each month.

Please visit our Calculators and Debt Calculators for help with the math.

Communicate with Your Credit Card Companies

You can always call your credit card companies and ask them for a lower interest rate. They might say no, but suprisingly they often say yes. And lower interest rates will allow you to eliminate your credit card debt more quickly without haing to increase your monthly payments.
If your credit card company said "no", then feel free to shop around for a new card that has a lower interest rate - just make sure that it also allows you to transfer your current credit card balance. But pay attention to the fine print - if there is an introductory rate offer, make sure you will be able to pay off the balance before it expires.