There are millions of Americans who are facing credit card debt. 

They are also facing other debt in their lives as well.

With a rocky economy for many now is the time to wipe out credit card debt.

I recently came across an article with 6 steps to wipe out credit card debt.

"One of the worst aspects of unmanageable credit card debt is the feeling of helplessness.

However, for most, things don't have to be like that, and just facing up to what's happening can improve the mood, and build motivation."

Source MSN Money – 6 steps to wipe out credit card debt

1. Face reality to wipe out credit card debt.

The article says that you should add up all your credit card debt and include the interest rates.

Next it says that you should write down all your monthly bills that you have to have (rent/mortgage, utilities, transportation and etc) the things that you can't live without.

Add up your expenses and subtract them for your actual income.

What is left is called your discretionary money to spend.

In my experience with my clients this is the hard part.

Many people don't have any idea of what they are actually spending their money on.

Seeing it in black and white is a real reality check.

2. Minimize your spending on luxuries to wipe out credit card debt.

The articles talks about stop spending on luxuries and use the money in your discretionary spending to pay down your credit card debt.

Luxuries are different things to different people.

For example if you go for coffee at your local coffee shop each morning.

Cut back to twice a week to save money.

Another example if you go to the salon or barber every week or every other week. 

Cut back to every other week or every three weeks to cut back.

Limit the number of times you go out for dinner.

If you have been going every week end cut back to every two to three weeks.

This savings can be used to wipe out credit card debt.

3. Contact your credit card companies to wipe out credit card debt.

The article talks about contacting your credit card company if you are having trouble keeping up with your minimum payment.

Keep your story short and to the point.

Ask to have your minimum payment reduced to allow you to get a handle on your finances.

This may not be a pleasant conversation with the representative on the phone.

I advise my clients not to curse, yell or hang up on the representative.

This will only hurt you in the future.  Your account will be noted.

If you are not behind the article inclines you to see if you can get a reduced interest rate.

In either option if the rep on the phone is not willing to help ask to speak to a supervisor.

I also advise my clients if they are not getting what they need on the initial call to contact the company at a later time. 

You may be surprised to get someone on the phone who is pleasant and willing to help.

4. Check out balance transfer credit cards to wipe out credit card debt.

The article suggest looking into transferring your balance to a balance transfer credit card.

Keep in mind that you will need to have a good credit score.

No late payments in the last 6 months.

Read the fine print about the balance transfer fee and how long the introductory rate is in effect.

5. Prioritize your credit card debt to wipe out credit card debt.

The article suggest that you pay off the credit cards with the highest interest rate.

I agree.

All of your other credit card payments need to also be paid on time.

Pay more than the minimum payment to this card.

Once you are finished start on the next card.

Include the minimum payment due and the payment from the card that you paid off.

This will help you wipe out credit card debt in a rapid fashion.

6. Don't swim with the sharks to wipe out credit card debt.

The Federal Trade Commission warns:

"There is no guarantee that debt settlement companies can persuade a credit card company to accept partial payment of a legitimate debt.

Keep in mind that there are many con artist preying on people that are trying to get out of debt or have bad credit.

There is no short cut to wipe out credit card debt.

In addition to these 6 ideas to wipe out credit card debt stop using your credit cards.

Take them out of your wallet.

Carrying them around only temps you to use them.

To wipe out credit card debt takes time and sacrificing on your behalf.

It will be will worth it when you are out of debt.

Are your ready to WIPE OUT CREDIT CARD DEBT???

Your financial coach,

Renee Lawson

Recommended Resources:

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