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7 Ways to Get out of Credit Card Debt

1. Pay more than the minimum credit card balance  This is want the credit card companies don't want you to do.  It takes money out of their pocket and puts it into your.  Pay just the minimum and you will be putting money into their pockets for years to come.  The faster you pay off the balance of your credit card the less interest you pay.  Bite the bullet and pay as much as you can each month and you will get out of debt a whole lot faster.

2. Snowball your credit card debt.  Transfer debt to low interest cards  Put your highest interest debt on the lowest interest card.  Check out new card offers.  Many will give you a low or no interest rate for the first 6 months or longer.  Check for any fees for balance transfers.  Some credit cards charge 3% or more on balance transfers.  Some will waive this charge for a certain period of time.

3. Renegotiate your credit card interest rate  If you have had your card for a while call them up and ask for a lower rate.  Keep several of the offers you get in the mail and tell them you have offers from other credit card companies for a lower rate.  They don't make any money off you if you transfer your balance.  They might be willing to lower the rate to keep your business.  Aim for 10-12%.

4. Cash out your savings account and or investments.  If your debt is at 12% you would need to be getting about 18% on your savings/investment to equal what you pay on your debt.  This is one of the best ways to get a high guaranteed return on your money.  Just pay off the card and you automatically save the amount of interest you are being charged.

5. Borrow against your life insurance/ 401K  If you have a whole life policy or any policy that has a cash value you can usually borrow from the policy.  And the rates are lower than commercial rates.    

Many 401K programs will allow you to borrow from the account, many up to 50% of the account value.  The interest rates are usually 1 or two points above the prime rate so you will probably have a rate significantly below your credit card rate.  The nice thing is that you pay the interest to yourself.  It goes back into the account. 

6. Get a home equity loan  If you have equity in your home sufficient to get a loan check into the terms you can get from a home equity loan.  The interest will probably be deductible on your taxes.

7.  Get Debt Consolidation or Debt Restructuring for your credit card and unsecured debt.  Debt consolidation combines your credit card and other unsecured debt into 1 low monthly payment.  You may be able to get lower interest rates as well.  For a debt consolidation quote please go to Credit Card and Unsecured Debt Consolidation Form  For a Debt Restructuring form Debt Restructuring From