We all know that most of these pitches that claim they will get you out of credit card debt with an expensive program are full of crap. But there is a secret weapon that get you out of credit card debt and keep you there.

This secret weapon is pretty amazing and it is absoulutely free. You don’t have to order it and you can begin immediately. There is no big production or slick design to try to impress you.

This secret weapon is called a budget. Analyzing why you have credit card debt to begin with, having a budget can be the foundation of  a solution to your problem. Instead of a fancy analysis and discussion that blames everyting from the economy to global warming for causing your credit card debt, the only thing that does you any good is to show you how to fix it.

Living above your means is, more than likely, the reason you are in trouble with your credit. In other words, you are spending more than you are bringing in. There are many situations that can cause living above your means. Losing your job or having a family emergency can be the cause of financial trouble. But when you spend more money than you bring in, it can cause a problem that will run up your credit card debt.

In order to write a budget, you must take inventory of those two factors, the money you have coming in and the money you have going out. This is a huge step towards getting your debt problem under control. You can either use a computer spreadsheet for family budget planning or just notebook paper, whichever is easier for you. 

Be as precise as you can be, dig out your receipts for the last few months if you have to. Jus calculate as best you can your income and your bills, then you can see if  there is a huge difference. Then you can decide how to eliminate this difference.  Either by increasing your income , cutting some unneeded expenses, or both.

It might not be easy or fun, but if you make a budget and stick to it, you can begin to have a solid financial plan and you work from there. You may use other tools to lower your credit card debt, such as consolidating your credit cards or by transferring your balances. But you should always start by establishing a budget and sticking to it.

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People who have a lot of credit card debt shouldn’t be flattered that other credit card companies want their business.  When a credit card company you are already in debt with sends you more credit card offers, it can make you angry. But you can use this situation to your advantage. You may be able to use your envious position with the credit world to  better manage your credit card debt.

Typically if you have several credit accounts, the credit limits on those accounts have probably gotten pretty high. That is because, as I mentioned previously, if you continue to carry debt but pay the minimum payments each month, the credit card companies want you to take on even more debt so you can owe them even more.  This may seem ruthless, but the credit card companies make their living this way so they have to attract these kind of customers. 

They also use the method of offering people a low-interest rate to start a new account or to transfer their debt to an existing account. They commonly offer zero percent financing which is attractive because in theory people could transfer all of or most of their debt to the generous company and not pay any interest which would speed up paying  off the account.

Transferring balances has both positive and negative sides and you need to be educated about both. Familiarize yourself with the offer, even reading the small print because you have to understand any hidden fees that might apply. The zero percent or low percentage rate is usually for a very limited time of only a few months. This is a very short period of time in credit card land.  Then, when your have built up your account balance, they raise your rates and you are right back where you started.

So use these kinds of offers wisely.  Simply transfer a relatively small amount of debt to the zero percent offer and pay it off over the introductory period. This way, you will have paid no interest and the credit card companies won`t be able to hit you with a high interest rate . And only take out new cards with no transfer or membership fees . These fees would negate much of the benefit. But if you use these offers wisely, they can cleverly drive down your credit card debt.

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