What's a good way to get out of credit card debt?

I want to get out of credit card debt. I'm in college, but am working. I have several cards that are at their limits, and have used most of my savings trying to pay the interest each month. I probably have a total of $5000 in debt, and while I make around $8000-10000 a year, I do have other expenses to pay. What are my options?

What's a good way to get out of credit card debt?
Your Best Tool for Debt Reduction





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Reply:Your options are simple. Pay off the debts, possibly with a negotiated agreement with the debtor, or declare bankruptcy, which is a very undesirable solution.





Good luck.
Reply:Please be aware of lenders who claim they can consoladate you credit card bills and then charge you very high fees. Go to Consumer Credit counseling, a non-for profit agency which helps consumers to consoldate your bills including credit card bills and pay one monthly payment to them. They have help many consumers to get out of debt, you are very smart to work on getting out of debt now, while you are young. Best Wishes!
Reply:Pay them off. To break the credit habit I literally took my cards, put them in a freezer bag, filled it with water, and stashed it in the back of my freezer. I froze my accounts. That stops the bleeding and forces you to pay cash or seriously think about thawing out those cards--no more impulse buying (bar hopping, in my case).





This seems counter-intuitive, but list them smallest to largest and pay off the smallest first. This has 2 advantages:


1. momentum. You get a personal rush from paying one off. It's a victory. Use that rush and go into the next one. Plus, you save that minimum balance payment and can use it on the next card.


2. Balance transfers. When you pay off a card, you usually get a balance increase and an offer to transfer balances at a low, low rate. Do it. You save the interest and can resort your debts to smallest to largest. As you gain traction you'll have multiple accounts at 0 or 1% and the balances will drop quickly.


Don't worry about the interest rates at first. That's not your problem, the balance is the problem. Attack that ferociously.





But there's still the problem of income v outgo. You won't solve the problem until you can make income outweigh outgo. Practice this line: I don't have the cash for that. And try that freezer bag trick. I promise, it works.
Reply:Credit card debt is a financial killer.





To get out of debt you must first stop using your cards, then you must begin the slow process of recovery by paying your payments on time, with a little extra towards principle when you can afford it.





If you can't make the minimum payment talk to your creditor. Work out a payment plan with them.





Also, you may want to do a Yahoo search on debt relief, or credit repair to learn more. there is a long article on this subject at the Credit Trap page of the source listed below.
Reply:The first thing you do is stop living on your credit cards - simply cut them up.





The second thing is the hardest - and you mentioned that - just paying the interest.





Short of professional help in eliminating the debt - you might try contacting the credit card companies and try to work some sort of interest reduction. That doesn't always work, but it is worth a shot. The one thing they want you to do is to pay the account.





The one thing you should not even consider at this point is a bankruptcy as it stays with you 10 years. Another thing to consider is that the credit card companies are the worlds worst at putting late payments and non-payments into your credit record.





There are companies around that offer credit counseling. They promise to lower your payments, and get harrasement calls stopped. Be careful if you choose this option - some work - some don't. But they will all help you make up a budget that you can live with and still get your credit paid off. In some cases it may take 3 or 4 or 5 years, and if you can stick with it that long you can make it.





My last comment is meant to be serious - find a job that pays you a living wage.
Reply:Pay off your highest interest card first. Pay the minimum amount on your other cards until your card with the highest interest is paid off. Then you can move on to the next one with the next highest interest. CUT UP YOUR CREDIT CARDS!
Reply:Loan is the only best way
Reply:First of all I would try to transfer all of your credit card balances to cards with 0% APR. lowermybills.com has some great options. Then try to maximize your income. Summer is a great time to do that. Get another job. Use all the extra money you have to pay the biggest payment you can afford each month. This is the fastest way to pay off the debt. Even though it is hard to work a lot in the summer when its so nice out, it'll be worth it in the end! Also, never be late or miss a payment, doing this could change your percentage rate and cause your minimum payments to go up. Also, don't go over the limit, there are usually fees involved with this too! Good luck!
Reply:The easiest way is for you to get an appointment with your local Consumer Credit Counseling Service. They can be the intermediary between you %26amp; your creditors and can help you to pay off your credit card debt. Most of the time the creditors will agree to a lower monthly payment %26amp; some will even stop charging interest while you are repaying through CCCS. Make sure they are accredited. You should be able to locate one in your area at www.cccs.org. Good luck to you!