How To Rid Yourself Of Crippling Credit Card Debt

Credit card debt can take a significant chunk out of your monthly earnings, especially if you’ve allowed the principal to rack up and are paying a high rate of interest.

This can be a costly and needless debt and paying it off can really help you get other finances in order and save a little bit on the side too. We’ve got a number of tips to help you get rid of the credit card debt and jumpstart your finances.

License: Creative Commons image source
License: Creative Commons image source

Assess the Debt

Take a look at how much debt there is to deal with. Some people have a few credit cards with a little on them, while others have one with a lot on it. Evaluate your debt and see how much you have to deal with.


The next step to dealing with your debt is to create a budget that allows you to get out of debt and stay out. Putting a timescale on the time you want to get out of debt in makes life a lot easier. There are surely things that you don’t need, that are part of your budget. These can be cut and this will then allow you the chance to cut down on costs and place the money where it should be going – paying off the excess debt. This budget should sever your relationship with the credit card and focus on cash only payments and living with your monthly means.

Harder Cuts

There are always harder ways to cut down on costs too and these may involve you cost cutting some of your essentials. Look into ways to lower your electricity bills, cut the phone bill, lower car insurance and petrol costs. In addition, why not buy some own brand goods instead of branding ones with your shopping and cut down on past time costs by taking up some low cost or free hobbies. These are ways to get closer to that debt free lifestyle and begin breaking even again.


The unexpected can come about at any stage and so savings are very important to offset such issues. The likes of car repairs, credit card bills and cuts in working hours can all take their toll on your life and having savings will act as a cushion in this instance. It’s best to also have a savings goal as this helps you focus on getting there and will often mean that you hit the amount faster.

Debt Attack

After a short space of time you should be running quite smoothly financially and there should be a little more left over each month. Attacking your debt with the money that you’ve freed up allows you to cut down on debt and save further. The great thing about cutting debt is that the more you cut it the less interest you pay. This frees up increasing amounts of money and means that you end up becoming debt free even faster than when you started.

Now that the debt is paid off, be disciplined, stick to the plan and also live a little to celebrate the elimination of debt.

About the Author: Dara O’Shea has written articles for a range of financial companies including for He’s written for a number of UK papers and websites and is well known is certain circles.

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