There are many options you can use to eliminate credit card debt. Some of the options are fairly basic and will take time. Other options are extreme, and while they will eliminate your credit card debt, they will also heavily damage your credit score.

A very common mistake that people make is that they continue to accumulate debt while trying to pay off the same. The debt payments that you make and the debt reduction techniques that you enact will be for not if you continue to offset these advances by accumulating more debt. You cannot reduce your debt and create more at the same time. Therefore, if you are trying to pay off your credit card debt, it will not work unless you intend to include a plan to prevent the accumulation of debt. Such a plan could be for you to refrain from using credit cards altogether during this time.

In accord with the above paragraph, you can pay over time while eliminating credit card use. This is the most basic way to eliminate credit card debt. All you have to do is pay more than the minimum balance (and by more I mean 20% more than your minimum balance) while eliminating your credit card use. This means that you do not use any credit cards during the time period in which you are repaying the debt. What sense does it make to pay down one credit card while you are charging an equal or greater amount on another credit card?

Second, you can call your credit card companies and ask for lower interest rate. This tip should be used in conjunction with the first tip. By lowering your credit card interest rate, your monthly payments will count more towards your principal. Thus, you will pay off your debt sooner. Additionally, you will not waste money on interest payments. Therefore, not only do you save money, but you also get to pay off your debts sooner.

Third, you could consolidate your debt. Basically, when you consolidate your debt, the debt consolidation company calls your credit card companies and negotiates a lower interest rate and a lower monthly payment. Your credit card accounts are closed (this is a negative because is negatively affects your credit score) and you send your monthly payment to the debt consolidation company. That company then sends your payments to the appropriate credit card companies. There may be a fee involved with this service and therefore, you should find out all of the facts before you decide to use such a company.

Last, you can file for bankruptcy. This is an extreme measure and your credit score will dramatically decrease should you file for bankruptcy. As such, this is a last resort and should be used only if your bills are overwhelming. Additionally, you will most likely have to hire the services of an attorney in this situation.

Many options exist for you to eliminate your credit card debt. Make your choice wisely because a wrong choice could damage your credit score for years to come.