1. Take stock of your debt sources and amount

If you have debts from multiple credit cards, then get a piece of paper and note down the details. Tabulate them with column headers such as Card Name, Total Outstanding Balance, Minimum Payment, Due Date, APR, Credit Card Company Hotline and any other information you deemed necessary.

This gives you a clear picture of where you are right now at a glance.

2. Identify you income source

Get another piece of paper and put down your sources of income. Your main source will be likely from your job. If you have a spouse that can help you, put that down too. Include your second jobs or any other sources of income you have available right now.

3. Review Monthly Expenses and Cut Costs

Now you have to review your monthly expenses, which include basic necessities such as food, housing, clothes, health-related costs, insurance bill and any other expenses that you cannot eliminate.

The key here is necessities. Activities such as going to movies and having dinner at a posh restaurant are not necessities. If you do not what you have spent, check your credit card statements.

Once you identify your basic expenses, any other expenses that are deem unnecessary and should be eliminated as soon as possible.

4. Contact And Negotiate With Your Creditors

Don't hide from your creditors. Hiding will not solve your problem and is absolutely irresponsible on your part. Contact your creditors and explain to them your situations. Propose to them what you have in mind to do the repayment on your terms. Do include requests to reduce interest rate and waiver of any late payment fees.

Creditors want their money back and if you are sincere and your proposal is reasonable, they will likely accept it. This means you should not ask for unreasonable request like total write-off of your debt. Show your sincerity in making the repayment and they will likely reciprocate by granting your request.

5. Get Help From Credit Counseling Groups

You can also consider enlisting the help of credit counseling groups or institutions. They can help you get an improved payment arrangement of your debt with your creditors. One such place is the Credit Counseling Centers of America.

6. Explore new revenue sources

Once you get your debt repayment plan underway, it is time to explore other revenue sources. Consider getting a second part time job such as giving tuition to your neighbor's kids, mow their lawns and so son. Starting an online business is also a viable choice.

Take an inventory of the stuffs that you are not using right now. These include spare television sets, watches, cameras, books, DVDs and so on. Auction them off on eBay or hold garage sales.

You should also consider changing your car to a smaller one, sell that 50-inch LCD TV and settle for a 21-inch version, downgrade your broadband subscription plan, change your cell phone plan to a basic one and so on.

Having credit card debts is not the end of the world. You create it and that means you can fix it. Be optimistic and responsible. As long as you continue to take action to reduce your debt, you will be debt free sooner than later.