To begin the process of paying off your credit card debt, make a list of all your credit cards and accounts in which you make monthly payments. Total the amount you owe. If the amount is high - don't panic. You need to have a realistic picture of your debt. On your list, write the name of the creditor, current balance, current minimum payment, interest rate and credit limit. If you are not making payments on the account, leave it blank.

Stop charging on your credit cards and do not run up any new debt. If you are someone who is often tempted to use your credit cards, put the cards in a safe place that is not easily accessible ? even if it means freezing your credit cards in a block of ice! Use cash on any future purchases you make. You will be surprised how your spending will stop when you are using only cash.

If your major credit cards are not delinquent or maxed out, move your high interest credit card balances to your credit cards with a low interest rate. Cut up the credit card you have transferred and mail it to the credit card company with instructions to close your account. Add the payment you were making on the card with the higher interest rate to the payment you would make on the credit card with the lower interest rate. Your balance will come down rapidly and you will save money on interest charges.

Make extra payments on your credit cards. By making only a minimum payment, it can take years to pay off the entire balance. For example, a balance of $2,000.00 with no new charges will take over 16 years to pay back with interest of $2,504.62. An extra $5.00 per month will reduce the payoff period by 6 years and save interest of $738.59. An extra $10.00 per month will reduce the payoff period by 8.5 years and save interest of $1,113.70.

As each of the balances are paid off, use the payment you were making on the credit card and add it to another payment. This will reduce your debt quickly. Once you have paid off your debt, use the money to start saving for your future.