The only way to permanently eliminate credit card debt is to set up a financial plan of action. It is imperative that you reorganize your payment priorities, restructure the credit cards you are holding and most importantly; lower the interest rates you are paying to regain control of your finances.

To effectively eliminate credit card debt I have devised a 6 step plan to help you find exactly what you are up against, get organized and take command of your financial situation as quickly as possible. This plan utilizes methods recommended by financial planning advisors, and includes a few techniques I have personally found to be effective in saving time and money.

The 6 Step Action Plan To Eliminate Credit Card Debt

Step One: To effectively eliminate credit card debt, you must know exactly where you stand. Make a list of all your credit cards, write down their phone number, your current balance, the interest rate you are being charged and the minimum monthly payment required.

Step Two: Add all minimum monthly payments together to find how much you are paying each month.

Step Three: The next step to eliminate credit card debt is a little known tactic the experts rarely tell you about. Being deep in credit card debt is a serious problem which calls for some tricky tactics, so grab your list of phone numbers and pick up the phone. Call the first creditor on your list and tell the representative you are having some kind of financial crisis and you want your interest rate lowered. Yes, just request that they lower your current interest rate, most will do this automatically, but in some cases you will be transferred to a different department. I found that all companies will lower your rate, even if its just a few points, it will help you eliminate credit card debt.

Step Four: Apply the money you are now saving on lower interest rates to the highest interest rate credit card bill you have each month. This will save you as much accrued interest as possible and get you closer to eliminating your credit card debt.

Step Five: If you have more than 2 credit cards, try to obtain a credit card consolidation loan to lessen your financial burden. One medium payment is much easier to pay than 4 small ones. Be sure to shop for the lowest interest rate possible, and always pay at least 10% more than their required monthly minimum.

Step Six: Now that you have consolidated and gotten your high interest rates under control, continue applying the money you are saving to that highest rate credit card debt. This will cut your pay-off date way down and you will have found the fast track to eliminate credit card debt once and for all.