If you have out of limits credit card debt, you should consolidate it. This means replacing the debt from your high interest credit cards with a single card and a lower interest rate. For example, if you have $100 on each of your credit cards that have interest rates between 10% and 20% and you move those debts onto another card which carries a 5% interest rate, the money you are saving on your interest payments to the other credit cards will allow you to whittle down the principle on all of your credit card debt. Of course, in order to make this really work, you need to throw your old high interest credit cards out. Don’t even think about keeping them for an emergency.
Battling too much credit card debt is both stressful and almost impossible. One way is that homeowners might solve this problem is by taking advantage of the equity built up in their home and the low interest rates. If you get a home equity line of credit, you can get a very low interest loan, so you can pay off your credit cards. It does produces another debt you have to pay, but you’ll be saving money on the interest payments that you’re rescued from, that you’ll be able to pay this HELOC and later you will be credit card debt free. If you prefer this solution, the keyis not to keep your old credit cards. Eliminate credit card temptation by living on a cash basis as much as possible