Now that you have charged your credit cards to the maximum limit, have a mortgage, and a car loan or two, just how are you going to get out of debt? It almost seems like an impossible task, but rest assured, it is possible to accomplish this goal. Try following these tips to get you on the road to get out of debt.
First, do not get any deeper into debt. Look at all of your credit cards and select the one which has the best terms. Get rids of the rest of your cards by cutting them up and throwing them away. The one you chose to keep should be kept only to use in emergencies and leave it at home when shopping so you are not tempted to use it on impulse purchases.
Investigate other credit card offers with lower interest rates and make sure to read all of the terms on the offers. Once you have found one which will save you money and have a lower annual percentage rate than you are currently paying, move all of your balances on your other accounts to the new one.
Always pay more than the minimum balance due. May as much extra each month as you can reasonably afford to bring the balance down as quickly as possible. Any extra money you have available needs to go towards reducing the outstanding debt.
Finally, make a budget and come up with a plan to pay everything off. Use your budget to see where you can reduce or even eliminate expenses entirely. Follow your plan consistently and be determined in getting those balances paid off.
Use these tips as your beginning point to get out of debt. Just remember, your financial situation did not happen overnight, nor will it get resolved as quickly. Stay consistent and you will reach your goal!
For help in creating a plan to get rid of debt in three to five years, go to http://www.rapidlyreducedebt.com and make sure to get the free report for money saving tips to help eliminate debt