Wouldnt it be nice to have all of your credit card debt magically eliminated? Unfortunately, if you dont have a magic wand or a Jeanie in a bottle, youll have to create the magic yourself. Here are some simple ways to totally eliminate your credit card debt.

Stop Charging

The first and surefire way to begin the elimination process is to stop using your cards. Cut them up, keep one or two for emergencies, and simply stop the climbing balance and interest. You may be tempted to close your accounts to curb your temptation, but some companies will penalize you for it, so it is best to wait. Once you have them paid off you can call and close the accounts.

The first step may be the hardest, but it is also the most important. You can never eliminate your credit card debt if you are continuing to add to your debt.

Assess the situation

Make a tally of all the debt you owe to credit card companies and make notes of each cards interest rate. It may help you to transfer cards with high interest rates to lower rate cards. Also, it is wise to call your creditors and ask about renegotiating a lower interest rate. You may be pleasantly surprised with their cooperation.

Pay in a logical order

If youre looking to eliminate your credit card debt, you know that you have to pay more than the minimum balance, but do you know which of your cards has the highest interest and what would help you erase your debt the quickest?

After you have called to talk with your creditors about lowering your interest rates and have taken steps to transfer any high rate cards to lower interest rate cards, make a list of your current cards interest. Take the highest interest card, no matter what the balance, and concentrate on paying it off first. Then move on to the next card on the list.

If you stop charging, lower your interest and begin paying on your highest interest card, you will eventually see your credit card debt, almost magically, disappear.