Credit card debt elimination is a very wise step in the direction of financial strength and stability. We would all agree that charge cards can be an absolute necessity in modern life, but high amounts of charge card account debt can be destructive to your budget, credit rating and even, piece of mind.

There are three primary methods of tackling charge card debt elimination as listed below:

1. Pay them off one at a time

If you are able to pay off charge card accounts one at a time, the most effective and efficient method of tackling the credit card debt elimination is to pay off the highest rate of interest first. Even if the balance on the card or account is very small, it is best to eliminate the highest rate of interest from the beginning. Try to stay current on all of your accounts, and if paying down a single account quickly is their intention it is mandatory that they pay at least the minimum amounts due on all other accounts. Some experts recommend sending in a weekly payment on the account being paid off, as well as the regular monthly payment as a means of tackling the debt quickly.

2. Roll them into a single debt consolidated loan

Taking out a debt consolidation loan, is an excellent method of handling charge card debt elimination. Through a secured loan such as an equity loan or line of credit a consumer can roll their accounts into one, low interest monthly payment. A consumer should be aware of the terms of the loan, making sure the interest rate is not variable or higher than the credit accounts. They should also be aware that it is a good idea to pay off the loan as quickly as possible in order to avoid turning a credit account into a long term debt.

3. Transfer existing credit card account balances to another credit card account offering lower rates on balance transfers

Many reliable charge card account companies are currently extending generous balance transfer terms to their existing clients, and in many circumstances that in itself can be a highly effective charge card account debt elimination plan. A credit card account company can offer their customer the opportunity to take a high interest balance from one account and place it into their other credit account. Some banks charge small transaction fees and you many wish to check the small print to confirm if there are any additional charges. The balance transfer rate can vary and may have an expiration date or duration. Some offer a low rate for the life of the balance, and some offer zero interest for a few months. However, you should be taken advantage of these balance transfers if you are working towards charge card debt elimination.

in summary, any combination of the above methods can work to help consumers get their finances under control and get their households back on effective budgets. With a little bit of “leg work”, some negotiation and planning charge card account debt elimination can be tackled without a lot of hassle, worry or frustration.