It's the fastest growing epidemic our country has seen and the vaccine options have never been more controversial. The tactics for getting out of debt have become highly debatable and in some cases downright illogical. Follow this step-by-step guide to truly help you scale the mountain of debt and ultimately reach your goal of rebuilding your credit.



1) Confront Yourself

Many of us get into trouble with our debt simply because we don't want to take the time to see exactly what our financial situation is. Be honest with yourself and don't try to project an image of being wealthier than you are to others. Recruit help from friends who understand your position and will help you avoid tempting situations and don't pressure you into spending what you know you don't have. This support group method is tried and true and will alleviate a ton of that ?keeping up with the Jones?" syndrome.

2) Set Your Own Minimum

Yes its true. Believe it or not the credit card companies actually allow you to pay a minimum amount on your balance each month that is sure to maximize the lining of their own pockets. Payment structures are (surprise!) set up in favor of the credit companies with required payments only accounting for about 2-3% of your total debt, thus prolonging the process of climbing out of debt and increasing your interest payments. Set a rule that you can stick to like committing to pay an extra $35 on each bill or simply double the minimum amount and make that your personal payment plan.

3) Get the Cheapest Debt Possible

Though one does need to be on guard against any company offering to remove negative information from your credit report, consolidating debt from one card to another lower interest card can be the move that makes all the difference. A little bit of research will help you find the lowest rate offers for which you are eligible. This does, however, bring us to the next point.

4) Approach Restructuring With Extreme Caution

Credit company lingo can be confusing to say the least. While using debt to get out of debt can be a useful tool, make sure you know whether you are on a restructuring plan or re-consolidating. This can also be a come back to bite you if the lure of using the transfer card for things other than paying off debt becomes unbearable.

5) Stop Charging Already!

Granted there are extenuating circumstances (emergency car problems, sudden medical bills) but some cases of bad debt never clear up because as soon as a debtor pays a little off they feel the need to go celebrate or reward themselves. If you are one that might have impulse purchasing tendencies, don't carry cards around with you. Once a card is paid off cut it up and keep only your lowest interest (usually synonymous with lowest limit) card for emergency use only.

Hopefully following these tips will help you to get back on track and on your way to freedom from harassing creditors. Best of luck!