It is well worth your time to remember that most people who become millionaires live well below their means before and after their monetary success. They can do this because they have enough self-esteem to know who they are and what they want. They have a plan and courage and determination to follow through.
So, if you want to get out of debt you need a workable plan. Every person is different and has different lifestyle choices, but the important thing to remember is that a commitment must be made to gradually reduce the debt in your life and then to keep the debt low enough that it never becomes a serious problem.
The basic way to lower your credit card payment is to reduce the interest and pay off the cards. When you reduce the interest you are paying, then you have to commit to putting the extra money towards making a larger payment on your principle balance.
Depending on your situation you may be able to negotiate a credit card interest reduction, or consolidate credit cards into one low interest loan. The latter may require an attorney if you are entering a debt consolidation program.
A rather unknown credit card reduction technique is to begin paying off the card with the lowest balance first, so that you have some sense of accomplishment and can quickly move the money that was paid towards the now paid off card to another credit card. In this case you would pay the minimum payments on the other charge cards while paying as much as you can afford on the account with the lowest balance.
The idea is to pay the same total each month on all your accounts but every time a credit card is paid off you will pay more to the next card in line. We know this may sound contrary, but it is an effective method to pay off debt when you consider the emotional and mental resistance involved.
If you could stop buying everything that was absolutely necessary to live your life than you could pay off your credit card debt in no time, but most people can not do that. So we develop methods that actually work for most folks.
You may have gathered that the mental game is more important than the actual problem, in this case a large debt problem. Credit card debt is a symptom, not the cause of your problems.
Now while you are paying these accounts off you need to transfer balances to lower interest accounts. If possible combine the debt into as few accounts as possible. The reason for this is that you only have so many cards, and you are probably not able to get a new one if your debt is a problem, especially a low interest credit card with an enough credit to combine balances.
Imagine what your life will be like when, instead of paying thousands of dollars in interest every year, you are able to buy something and not owe any money! Imagine having money in the bank and not worrying about payments. This is very possible when you have the attitude of a millionaire.
