The debt rates are climbing tremendously and not many people seem to be taking it seriously. If you are in debt, you are not alone but you might be standing in the wrong crowd if you haven't gotten help with your debt yet. Many leave the problem unanswered only digging themselves further and further into debt.

If you are in debt you might find the burden of it adding stress to your life as well as taking time away from performing normally during daily activities. It takes persistence and dedication if you want to get out of debt and stay out. Getting out of debt may take a while but you will become much more stable financially and emotionally once you get out of debt.

Here are five tips to follow that will lead you in the right direction toward eliminating your debt.

Pay more than the minimum payment each month. The usually minimum payment is only about 2 to 3 % of your balance meaning if you owed $5000 on a credit card with a 2% minimum payment you would only be paying $100 toward decreasing your debt and the majority would be applied towards interest. So if you pay more than the minimum payment required each month you'll be surprised at how fast your credit card balance goes down.

Next, cancel all of your credit cards by calling all the credit card companies except for the credit card that gives you the lowest interest rate. However, even though you still have a credit card, don't use it unless it is absolutely necessary.

Now gather your most recent credit card statements and write down the balance of each debt and the interest rate charged. When making payments to these, begin with the lowest interest rate debt(s) and pay only the minimum amount due.

After that, take the highest interest rate debt, and pay the minimum payment plus any additional amount you can afford that month. Once you pay this debt off, go to your next highest interest rate debt and apply the money you were paying toward the first debt towards the second debt. Also add the minimum you were paying on the second debt and keep paying the minimum payment due on the others.

Last but certainly not least, stay motivated throughout this process until all of your debts are paid off. This may take a long time, but don't get discouraged. You'll be down to one card in no time and shortly after that, debt free.

Remember people just like you dive into debt everyday but people are also climbing out with use of these 5 great tips and other great resources. For more information on financial help go to http://www.inchargeorg.org.



About the Author
Katie Spencer is a contributing writer for a number of international financial journals. She has been delivering financial education to the public in a variety of areas to include college budgeting, credit and debt management, and money saving tips. Recently, Katie has been in partnership with a national educational foundation to deliver financial advice to American consumers via the web. For more information please visit http://www.inchargeorg.org.