The Fast Track to Paying of Your Credit Cards

There aren't many of us who have avoided the pitfalls of debt. It is all too easy to be in over your head before you are even aware you are in trouble. Once you are in trouble, you can sometimes feel like there is no way out. It can leave you feeling depressed and hopeless. Don't despair. There is a way out.

Let me be clear: Getting out of debt is not easy! But, you got yourself into debt, and you can get yourself out. It will take a little sacrifice, discipline and a lot of hard work, but you can do it. Plus, you will have the huge sense of accomplishment for taking responsibility for your debts.

Get serious - You have to make the choice that you want out from under your debts. No questions and no doubts. If you are tired of paying huge chunks of your paycheck just to pay for your Discover bill, then make the decision now. If you do not put yourself in the right frame of mind from the beginning, you will only backslide later.

Stop charging - The best way to turn yourself around when you've hit bottom is to put down the credit cards. Make the commitment again that you will stop digging yourself into that hole.

Know where you are starting from - I know most people hate this part, but you have to know what you owe. That means every doctor bill, credit card and car loan. Be brave here - the numbers can be scary. I recommend including your mortgage in this as well, but if that is too much for you to handle, leave it off. You will pay that off last anyway.

Know where your money is going - Anyone who is serious about getting out of debt needs to make a budget or spending plan. Not glamorous and definitely not fun, but it is the best way to see where your money is leaking out. You may find it helpful to use Quicken, Microsoft Money, or some other financial software to help you get started (if you already have them).