1. Take stock of your sources of debt and the amount
If you have debts of several credit cards, then get a piece of paper and note the details. Tabulate the column headers as the social map, Total Balance minimum payment due date, APR, Credit Card Company Hotline and any other information deemed necessary.
This gives you a clear picture of where you are now at a glance.
2. Identify your source of income
Get another piece of paper and put your sources of income. Your main source will be capable of your job. If you have a spouse who can help you save that too. Include your second job or other income you have now.
3. Monthly review of expenditures and reduce costs
Now you should review your monthly expenses, which include basic needs such as food, shelter, clothing, costs of health insurance bills and other expenses you can not eliminate.
The key here is necessary. Activities such as classes to movies and dinner at a chic restaurant is not essential. If you do not what you spent, check your credit card statements.
Once you identify your basic expenses, all other expenses that unnecessary and should be eliminated as quickly as possible.
4. Contact and negotiate with your creditors
Do not hide from your creditors. Hiding will not solve your problem and it is absolutely irresponsible on your part. Contact your creditors and explain your situation. Suggest that you have in mind to make the repayment on your terms. Are the requests to reduce interest rates and waiver of late payment fees.
Creditors want their money and if you are sincere and your proposal is reasonable, they will probably accept. This means that you should not pose unreasonable request, as in non-total value of your debt. Show your sincerity to make the refund and they will probably return by granting your request.
5. Get help groups Credit Counseling
You can also consider mobilizing assistance councils or groups of credit institutions. They can help you get a better arrangement for payment of your debts with your creditors. One such place is the Credit Counseling Centers of America.
6. Discover new sources of income
Once you have your plan for debt repayment in progress, it is time to explore other sources of income. Remember to make a second part time job such as tuition for children of your neighbor, mowing lawns and their son. Starting an online business is also a viable choice.
Make an inventory of animals that you do not currently exist. These include household televisions, watches, cameras, books, DVDs, etc.. Auction on eBay to remove or hold garage sales.
You should also consider changing your car for a smaller, than selling 50-inch LCD TV and settle for a 21-inch, lower your broadband subscription, change your cell phone plan base and so on.
Debts with credit card is not the end of the world. You create and you can fix it. Be optimistic and responsible. As long as you continue to take steps to reduce your debt, you will be debt sooner than later.