With the global recession looming all over us, it is quite common for people to find themselves burrowed in credit card debt. If you are one of these unfortunate people, then here are some tips and techniques you might want to read on and keep in mind.

Tip #1. Pick a card
Most financial consultants would recommend you pick the account that has the highest interest rate. Some would also recommend you pick the one that has the lowest balance. It all boils down to personal choice. Whatever card you choose as your ?ain card,?just make sure to make the minimum monthly payments for all of your existing cards. On top of the minimum, allocate as much money as you can to that ?ain card? As soon as this is paid off, move on to the next account and start the process over again.

Tip #2. Spread your money proportionately
It is important to spread your money proportionately to all your cards. For instance, you have 3 cards with the following balances: $1,000, $1,500, and $2,000. Your total balance would then be $4,500. Divide each balance by the total one. So, $1,000 divided by $4,500 would then be 22.22%. Do the same for the remaining balances. This shows you how much you should give each card and make sure that these payments make the minimum monthly requirement as well. Yes, this means additional work on your part but this really helps in the end.

Tip #3. Renegotiate
Do not be afraid to do this for credit card companies do acknowledge that it is better to receive a little bit of payment than no payment at all. Be persistent in calling your credit card companies and push for lower interest rates. If nothing comes out of your first few calls, then persist still. If need be, ask for a manager because they do have the power to lower interest rates. You can even threaten to transfer your remaining balance elsewhere!

Tip #4. Do not use your credit cards anymore
Now, this is the most important tip to keep in mind. How else would you be able to get rid of your debt if you keep using you keep using your credit cards? Thus, do not charge your purchases anymore, not unless you have absolutely no other choice.

And there you have it. Really, would just boil down to your initiative.

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