Getting Out of Debt Fast

Average Credit Card Debt

Currently an average American household that has at least one credit card has nearly $9,200 in credit card debt and are paying interest rates between the mid to high teens on this debt.

To stop from falling into the average credit card debt trap, don't use a credit card to pay for things you consume quickly, such as meals and vacations. Don't charge more on your card than you can afford to pay off within a month or two. Instead of reaching for your credit card for purchases, set aside some cash each month for the items that you want to purchase and once you have enough cash then you can make the purchase. This approach will decrease your average credit card debt and you can avoid paying costly interest charges.

Most people will spend thousands of dollars on purchases without really think about it because they have a credit card handy. Write down everything you spend for a month, cut back on things you don't need and start saving the money let over or use the left over money to reduce your debt more quickly.

To reduce your average credit card debt pay down the balances on your credit cards that have the highest interest rate first. Once that debt is paid down, then pay down the credit card balance with the next highest interest rate. Continue to pay down your credit card debts in this manner. Pay at least the minimum due on all your other debts so that you stay current.