When it comes down to getting rid of credit card debt the only thing that matters is making a budget. New laws require that more information is given to credit card customers so having the information on how much you will need to pay to get out of debt in a specific time period is going to go a long way in getting you out of debt.
If you are making the minimum payments on a card or have been simply shifting your card balances around from one card to another, you are going to have to form a plan and get serious if you want to get out of debt. Many people will get a debt consolidation loan, but even that can cost over the long run, unless you pay more than the minimum required, so you may want to explore other options.
By putting a lot of money toward one card at a time, be it the card with the smallest balance— as financial guru Dave Ramsey believes to be the best plan— or with the highest interest rate, what matters is you are making big strides in paying off one card. When that card is paid off you move on to the next and then so on.
While this method is great at helping you reduce your debt, you have to stay within your financial limits to keep out of debt. By using one card as your primary card and keeping the purchases on non-necessities in check, you are going to save money over time. If there is a purchase you want to make, which isn’t necessary, be sure you have the money in hand and you can then make the charge on a card and simply pay the balance when the statement comes with the money set aside.
Getting out of credit card debt and staying out of debt is going to require smart and consistent financial habits that must be learned and maintained over time.