How to Get Credit Card Debt Under Control

Credit card debt is more than epidemic in this country. Worrying about credit card debt is just about a national pass time. But that doesn't mean that you should just accept it as a part of life. It's dangerous to your financial security, to your credit rating and to the future of your entire family. Read more to learn what you can do to get your credit card debt in check.

Things You'll Need

• Phone time
• Credit card information
• Family cooperation
• Lots of good advice from professionals
• Patience
• Flexibility
• Communication

Instructions

1. Know that you're in trouble. The most serious sign of severe credit card debt is lying to the people you love to hide the truth about your debt. The first step to getting out of trouble is admitting that you're in trouble.

2. Do a financial review. Write down all the household income and expenses. Include utilities as well as the minimum payment for every credit cards. Now write down all your expenses that are not essential - high speed internet, weekly lunches and regular shopping sprees. Be brutally honest about what is necessary for your family's survival. Subtract the essential bills from your income. If there's a negative balance, consider which nonessential expenses to eliminate.

3. Take all of your charge cards out. Write down each account number, balance, interest rate and minimum payment. Call each company to explain the financial setbacks you've experienced. (Be sure to provide information concerning medical bills, household expenses and car expenses.) Ask if you can enroll in an assistance plan.

4. Think about ways to make extra income as well. Can anyone take on a part time extra job? Cant the kids go to work and pay for their own expenses? Can you have a yard sale? Can you see clothing you no longer use rather than give it away? It's amazing what such little things can bring into the household.

5. Be creative when finding new ways to have fun. Consider board games, cards, movies nights, walks as a family and camping.

Tips & Warnings

• Make kids a part of the process.

• Talk to a credit consolidation company. Often your credit is ruined anyway and you have to pay these people as well as your original debtors, so proceed with caution. Use the same caution or more when thinking about personal bankruptcy. First, it is no longer an easy option. Most folks are amazed at how difficult it is to do and how much they may stand to lose. Talk to a lawyer who offers a free consultation. Remember not to sign anything until you have considered all your options. Make a list of pros and cons about every alternative and then make a decision.

• Don't payoff a credit card with another credit card.