Getting Rid of Credit Card Debt The Right Way

The number of Americans carrying credit card debt has been steadily increasing in recent years. In addition, people are beginning to rack up credit card debt on more than one account and are holding higher amounts on each. For many people, this rotating credit card debt has become a serious problem.

Don't Be Afraid to Cancel Credit Card Accounts while you Pay Them Off or Consolidate.

Once you're out of credit card debt you'll likely want to keep a couple of credit accounts available to improve your credit rating, cancel the account. Once you're out of credit debt you'll probably wish to keep a couple of credit company accounts open to improve your credit score, so choose the account(s) with the best interest rates ahead of time and plan to pay off and cancel your credit accounts while you pay off your financial troubles.

Having too many credit accounts can ultimately harm your credit rating, as well as increase the temptation to spend more money that you don't have, which will only lead you back to the credit card debt you're looking to get out of now.

Credit card companies can be extremely aggressive and resistant to account cancellation requests, but be firm and do not settle for anything less than a complete cancellation of your account.

I once had to spend half an hour on the phone with a department store credit account representative assuring him again and again that no, he didn't do anything wrong and yes, I really did want to cancel my card. It was worth it though, because now that's one thousand dollars of credit card debt I don't have and that is definitely a good thing.

Professional Debt Consolidation and Counseling

If you are trying to address your credit debt and feel overwhelmed by out of control finances, you might want to consider consulting an expert financial advisor.

Find someone -- an accountant, a debt consolidator, etc. -- who can help you evaluate your financial situation and develop a solid, long-term financial plan that takes into account your income, your lifestyle, and your outstanding debts.

A reliable financial planner and a realistic debt management plan shouldn't offer quick and easy solutions; credit card debt is serious problem that requires hard work and long-term commitment to deal with sucessfully.

Other than filing for bankruptcy, the two most popular programs for getting rid of credit card debt are credit counseling and debt negotiation. Contact a couple of debt consultants to weigh the pros and cons of each program.