7 Steps to Tackling Your Credit Card Debt

Looking for a way out of your credit card debt problem?

If so, you're not alone. According to Federal Reserve, the average household in 2007 carried nearly $8,500 in credit card debt. Not only that, but each year roughly 2.0 to 2.5 million Americans seek the help of a credit counseling companies.

Here is a simple step by step plan to help you tackle your credit card debt problem.

Step 1: Open up Excel and create a table with the following columns:

• Credit card name
• Balance
• Payment Due Date
• Interest Rate
• Reward points earned
• Redemption offers applicable for your reward points balance
• Remarks.

You can download or print out a sample worksheet here.

Step 2: Fill the table up with data from your individual credit cards.

Step 3: Figure out which charge card is contributing the most to your credit debt problem. For example card has the highest interest rate and highest balance.

Step 4: Check if reward points can be used to make partial payments or cover any kind of fees or if the points can be bartered for something you need .

Step 5: First eliminate debt on the credit card that is contributing the most to the credit card debt problem.

Step 6: Practice controlled and healthy spending habits (after all you are looking to get rid of credit card debt problem and not aggravate the credit card debt problem).

Step 7: Look for ways to increase your income. Working overtime, investing, or asking for a raise can be alternative means of adding to your income. The more money you make, the faster you can pay off those credit cards!

This is just a simple way of designing a plan that can tackle your credit card debt problem; feel free to organize your approach for eliminating your credit card debt problem.