Step 1. Determine your total debt.

Get out all of your latest credit card statements, and add up the balance owed so you know your total amount of debt. I’d also add up your minimum monthly payments so you know exactly how much you have to pay each month just to stay current

Step 2. Stop charging.

Consolidating today’s debt so you can start getting it paid off won’t do much good if you start racking up charges on the cards all over again. Keep in mind that once you’re balances are consolidated, you’ll be making only one payment so some cash may be freed up which could be used in lieu of credit cards when needed.

3. Transfer debt on high-interest cards to no- or low-interest cards.

What I recommend is that you consolidate all of your credit card debt onto one or two credit cards with as low an interest rate as possible. Some banks offer an introductory rate of 0% APR for the first year. When applying on-line, be sure to have your credit card information available and you can do the transfer as part of the application process.

Some banks have a balance transfer fee, but when you look at how much you save in interest payments for the year it’s well worth it. Depending on your balances and your interest rates on you current cards, you’ll probably recover your transfer fees in the first month.

Typically after the first year, you lose your introductory rate so you will have to start paying interest on your account. Why not apply for another card at that time and transfer the balance to the new card? You can avoid almost all interest charges simply by transferring your balance back and forth.

Hope this information helps.

This article was provided by Pamela A Peterson, president and CEO of http://www.123creditpalace.us She set up and operates this site to provide a variety of credit options (balance transfers, student credit cards, gas cards, travel cards, etc.). so that people can find the credit offers that best suit their needs.

Please visit her web site at http://www.123creditpalace.us