Many many people have debt these days. I used to have over $8,000 worth of credit card debt. Yikes!! I paid it off by attacking the highest interest rate card first and only paying the minimum on the others. When that one was paid down, I closed it instantly and moved on to the next highest rate card. Every spare dollar was put toward paying off the cards. Debt is awful and you should strive to get out of it as quickly as possible.

YOu got that one right! It is tough and unless you attack it methodically ...just chipping away at it ...it just gets worse. I think so many people become overwhelmed just thinking about it that they can't buckle down and address it.

I grew up with parents who were firmly caught in the debt trap - when you're a kid and see you mother crying because we couldn't afford 5 pieces of chicken for tea, just 4, it leaves an impression.

I've made a point of trying to avoid debt as much as possible since - I have a loan, but no HP, and my credit card is paid off fully every month. I guess you could say that debt frightens me, more so perhaps because running an internet business means my income is never assured.

I'm currently fighting off debt by putting money aside to pay off my current credit cards and not puting any more purchases on them. Sometimes the temptation to buy one last treat (or necessaity!) can be really strong but I think when it comes to managing your debt you need to be really disciplined about your spending, and plan how to pay off what you can in a managed time frame.

I'm the same way, Finance Adminstrator. I hate debt and only occasionaly don't pay of my credit card in full. But if you do find yourself in debt, Janine is correct. You just have to come up with a plan and stay disciplined. Sort of like dieting.

Cut up your credit cards. You can't use them if you don't have them. Then start paying them off one at a time. Pay extra on the smallest balance until it's paid off and then work your way up the ladder. Cancel the cards after you pay them off. There is really no need to have more than one credit card. You don't need any until you can discipline yourself to pay it off each month before interest is occured.

Absolutely pay them off. There are two bits of advice here 1) pay off the high interest cards first, 2) pay off the lowest amount first. Which one is best? The one that works for you. I personally worked toward the lowest amount debt first simply because it gives a boost of encouragement sooner as you work to pay down any outstanding debt.

I totally agree about the motivation of paying off the lower amounts first. You might also see about consolidating if you have lots of high interest rates. If you decide to go with a consolidation company, check them out closely. Some of them are scams. You can consolidate yourself or work out better interest rates. Call your credit card companies and try to speak with a supervisor. Ask them if they will lower your rate. They could say no, but then they could say yes.

What ever else you do, don't miss a payment!!!!

Me too. I hate debt and pay cash for everything. A few years ago I had a large medical bill that I had to pay by credit card. I used to transfer money to lower interest rate cards--but you have to be acreful with this trick.

I agree
I also have about that amount owing on credit cards, with a very high interest rate.
I used to try and save money, but now instead of saving I pay the credit card, I figure off I am better off doing that in the long run and I can save later.