Every month you whip out your checkbook and make payments for ever increasing minimums. It's vitally important to control spending. And its even more important to devise a program now, before it becomes difficult to get the cards paid off. I know it makes sense, but many people overlook the fact that the best credit card debt solution is to stop incurring debt!



Borrow money only when it becomes a necessity, and then, only grudgingly. Your minimum payment won't do. If your making only minimum payments on your cards, your doomed to be making those payments for the rest of your life. Credit cards are convenient. They can be an effective way to manage spending if used properly.

If you belong to a credit union, you may have a great credit card debt solution available to you. See if you can take out a very low interest unsecured personal loan and pay off your credit cards. This can reduce the amount of money that you are bleeding to interest and you can pay off the balance much quicker.

Another debt solution may be to see if you can arrange a loan against an investment such as stock or your 401K. I don't think this is the best method. But it is important to come up with a solution to the credit card debt. If your earning 5 or 6 percent on your retirement account, but paying 12 of 16 percent or more on your credit cards it just doesn't make any sense not to pay them off.

Some stock brokerage firms will allow you to borrow against the value of your stock. Basically what you are trying to do here is pull out all the stops. The interest you are paying on your credit card debt is likely far more than the amount that you are earning on your investments. If you are paying 14 percent average interest on your credit cards, then any payment you make that reduces their balance is a guaranteed 14% return on your money.

If your balance is small perhaps one other credit card debt solution is to borrow from a friend or relative. This is my least favorite, but it works. Just make sure that you destroy the card after it is paid and make sure you pay your friend or relative back. Hopefully they won't be charging you large amounts of interest!

Can you work some overtime. Perhaps get another job for a short period of time. Have a garage sale. Sell some of your collectibles on eBay. What about that car in the garage you never got around to restoring? These are all viable solutions. You have to make a commitment to getting out of debt at any legal cost.

There are a lot of credit card debt solutions. Look at all of them, and see which will fit with your lifestyle. The goal is to get out of debt, stay out of debt, and get on with your life.