You've run your charge card bills sky high and you don't see any way to salvage your situation. And, you won't reduce your debt while you're spending like there's no tomorrow. Your spending habits have gotten you into credit card debt difficulty and the only way out is to reform your behavior, starting right now.

So, I'll suggest some good credit and debt habits to learn.

First, resolve to stop using your credit cards. Don't increase your debt. Many people say to cut up your credit cards or put them in a milk carton filled up with water and put that in your freezer. No matter how you separate yourself from your credit cards, don't use any credit cards to add to your debt. Pay cash. Period.

Second, set up a budget. Living within a budget, just by itself, can be a frightening concept. However, you must manage and get control over your spending. You have tried spending without controls and found that the outcome is the awful situation you now face. So, determine just how much money is coming in to the family and decide how you're planning to allocate that money. Make paying off your debt a high priority together with food, housing, transportation, and a fund to handle emergencies.

Third, as a part of your budgeting procedure, describe for each creditor the amount you owe, the interest rate you are having to pay, and the minimum monthly payment. One way to pay off your overall debt is to pay the minimum amounts to all creditors except the one having the maximum interest rate. Pay as much extra on that account as possible until it is fully paid off. Then rapidly pay off the creditor with the next highest rate of interest.

Fourth, phone your charge card companies and ask them to work with you to reduce your interest rate. Assure them that if they do that you will pledge to make on time payments to pay off your debt. Many credit card providers will work with you to help your out. Reduced interest rates mean you'll have more money that you can use to reduce your debt faster. Make sure they confirm their agreement in writing.

Fifth, think about other methods to cut down on overall rate of interest. Two accepted techniques are used to either temporarily or permanently lower the interest levels so you can become debt free earlier.

The first approach is to move your charge card debt to a brand new balance transfer credit card. These cards often provide a low or even zero percent rate of interest for 6 or even 12 months after you move balances from other charge cards. This will allow you to rapidly shrink your debt for the 6 to 12 months of reduced rates of interest.

The second approach to reduce your interest rate is to get a debt consolidation loan or a home equity loan. If you've owned your home for some time you might have sufficient equity built up to make use of a loan to eliminate your credit card debt. Your home equity loan may have an interest rate of 5 or 10 percent while charge cards often have interest rates of 25 percent or more. This change is important and can make eliminating your debt much easier.

You can repay your credit card debt, but you have to get your buying habits under control. Both concepts operate together to make your financial future brighter.

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