Things You'll Need:
- Money
- Telephone
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Step 1
Consolidate debt if possible and lower your interest rates. This can be done using a balance transfer offer or a person loan. It is much easier to get out of credit card debt if you are not paying a high interest rate. You can apply for a new balance transfer offer, or call your creditors and negotiate your interest rate. Most creditors will lower your interest rate if you ask and/or threaten to move your debt to another creditor, because they don't want to lose you as a customer.
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Step 2
Cut unnecessary items out of your budget. If you want to get out of debt now, you will need to make some temporary sacrifices. However, remind yourself that these sacrifices only need to last until you get out of credit card debt, so it is only temporary. That will make it easier. Good things to give up include eating out, premium television service, and extra telephone service. Get rid of your land line if you have a cell phone, or your cell phone. Or switch to a prepaid cell phone service to save a ton of money!
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Step 3
Earn extra income. This could be from a part time job or overtime. You may be able to do work from home to help raise your income and help you get out of debt quickly. Again, remember this is only temporary until you get out of debt. The more you make, the easier it will be to get out of credit card debt quickly.
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Step 4
Send all extra money to debt immediately. If you allow money to stay in your bank account, it may get spent on unnecessary items and will not help you to get out of debt quickly. Once you have cut your cable and cell service, set automatic payments for those amounts to deduct from your bank account and go directly towards paying your debt. Any extra money, including gifts and other money saved, should also be paid immediately to your debt.
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Step 5
Cut up your credit cards. You cannot get out of debt at all, much less get out of debt quickly, if you are still using your creditor cards.
