While there are many advantages to buying with credit, not using it wisely can lead to significant credit card debt problems.
If the number and total amount of your credit cards balances are beginning to overwhelm you or you wonder if you will ever be able to pay it all back, take a moment to assess your situation and whether you can help yourself or if you need some professional help with your debt problems.
To begin with, find all of your credit card statements and make note of the monthly payments and total amounts due.
Add up all your payments to see how much you need to pay each month.
You want to be able to pay more than the minimum so that you are decreasing your debt load each month and not just paying interest.
If you are not able to pay more than the minimums, look for ways you can have more money available by finding additional sources of income or by spending less money.
Next, create a plan to pay off your cards.
The simplest way to do this is while still remaining current in all your payments is to pick the card with the highest interest rate (if you want to save money by paying less interest over the long-run) or with the smallest balance (if you want to decrease the number of outstanding credit card debts you have faster).
Pay as much as you can extra on that card balance until you have paid it off.
Once that card's balance is at zero, add the amount you were paying each month to the payment on your next card.
For example, if you were paying $100 a month on the first card and $50 on the second, once you pay off the first, you then pay $150 each month on the second.
Plan to do this with all of your credit card payments.
Third, stick to your plan.
Be sure to use the newly available money to pay off your debts instead of on other things.
Make your payments on time to avoid paying costly late fees or other penalties.
If you are having trouble following your plan or it isn't working, consider contacting a credit counseling firm that can help you get your credit card debt problems under control again.
They have programs and services that will help you resolve your credit card debt problems and enjoy financial freedom again.