Credit card debt can seem like a huge mountain to overcome especially if you’re not equipped to climb it. There are a couple of ways to tackle this problem and diminish the size of that mountain. It will require a change in habits but most of all it will set in motion financial guidelines to live by and prosper from.

The worst thing about credit card debt is the high interest rates that accompany them, so this should be the first thing you tackle. There are two ways of approaching this. First, move all your debts from high interest cards to one 0% card. Be careful, these cards are at 0% for an introductory period only; as many people do, you can keep moving your debt to the next 0% card, once this period is expired. Second, is to find and use a reputable debt relief agency that will consolidate your debts and negotiate to lower the interest with your creditors. The advantage to either of these steps is you only have one payment to keep track of and it’s a smaller one too!

If you have good credit, one option involves obtaining a low interest personal loan from a bank. Another alternative if you are a homeowner is to use the equity you have built up to ask for a low interest loan. This will hopefully permit you to pay your credit card debit in one payment, therefore allowing you to save a lot of money by not paying the interest on your debt.

If you’re in a really bad situation where you can’t get a low interest loan, and debt relief companies are hesitant to help; you can start to show a change in your habits by doubling your minimum monthly payment. By doubling your minimum monthly payment you are not only paying off the interest portion but the actual debt itself. While if you are only paying the minimum amount every month you are only touching the interest and your debt remains the same, not to mention it will take you a very long time to pay off the debt completely. As you can see in the image below, small increases in payments can noticeably reduce the time and money required to zero out your debt!

Our last suggestion is a little more drastic, but the only answer for those of you who are out of control; stop using credit cards altogether. If this is you, you need your lifestyle to more closely resemble your income. The answer could be to downscale on your car, or apartment, minimizing on the electronics toys you buy and maybe even selling a few on eBay, or other shopping websites and online auction. When possible, buy second hand especially on big ticket items. Think before buying, and only buy with cash.

There’s no quick fix for paying off your debts. Every situation is different. The best approach may not always be the easiest but it should be one you stick to. Take an honest look at your debt, and try to figure out how you got there. Be flexible, and don’t be afraid to try these recommendations. Remember, the key to eliminating your mountain of debt is to lower the interest rate as much as possible.