Get Out of Debt Solutions

If you are experiencing anxiety and stress because your credit card balances are mounting and the monthly payments are more than you can handle, the first thing you need to do is get a handle on the details of your credit card situation.

First, gather the latest statement for every credit card you have.  Create a list on an excel spreadsheet or a word document which lists the following for each one:

• Credit Card Name
• Customer Service Mailing Address
• Customer Service Phone Number
• Current Balance
• Current Applicable Interest Rate
• Current Minimum Monthly Payment and
• Current Credit Limit.
• Add one more column answering YES or NO to whether the current balance is over 50% of the credit limit.

If you have the money to pay all minimum balances, then pay those first and then apply any excess to the cards which have balances over 50% of their credit limits. This will boost your credit scores because when you have balances over the 50% level, it causes reductions in your score.

Next thing you do is focus on the interest rates and apply money toward those with the highest rates. While this tip is quite simple, many people do not go through this process and end up paying a lot more in interest charges over time.

If you are unable to even pay the minimums on your credit cards, the best thig you can do is to start talking to your credit card companies.  Yes, this is a scary thought but believe it or not, if you do it right, you can significantly reduce your monthly payments, perhaps get rid of some debt, and save your credit rating in the process. Scott Stephen is a master at teaching people how to do this effectively.  Click Here Now to learn more about his secrets and effective techniques. How Do I Get Out of Debt?