Paying off credit card debt is the first step toward being debt free. Our credit card debt is usually the highest interest rate debt we have and the most easily abused. And, getting rid of credit card debt is the easiest way to put cash back in your pocket every month so that you no longer need to rely on credit cards. Recent economic trouble has meant that more and more people feel the strain of their credit card debt. These four strategies can help you get rid of your credit card debt.

One good strategy is to take a second job, devoting all earnings to paying credit card debt. Even working just a few extra hours a week will allow you to make larger payments on each card, plus youíll be able to put more cash from your primary job in your pocket ñ reducing the need to use credit cards in the future. When the credit cards are paid off, you can quit your second job.

The second way to pay off credit card debt is by credit card consolidation with a loan. Another way to pay off your debt is to consolidate it. If you own a home, using a home equity loan is a smart way to pay off credit card debt, because a home equity loan will carry a much lower interest rate than your credit cards, and the interest you do pay is a tax deductible. If you choose this option, be certain to stop using the credit cards youíve consolidated into this loan, so that you donít run up another balance.

The third way to get rid of your credit card debt is through a debt settlement service. This option should only be considered if you are unable to make your monthly payments. These services negotiate a lower payoff amount and interest rate with your creditors, so that you can pay off your debts faster. With a debt settlement service, you make one monthly payment to the service, who distributes it among your creditors. This method allows you to pay off your debts more quickly, but it requires that you close your credit card accounts and it does negatively impact your credit rating for several years.

One final way is bankruptcy. Many people have to file bankruptcy over their credit card debt, especially in a bad economy. Bankruptcy eliminates most of your debt and lets you start over. If youíve had a financial catastrophe, such as losing your job or becoming disabled, bankruptcy may be your only option. But, you should try every other option before considering bankruptcy. If you file bankruptcy, your credit rating will be ruined for at least seven years, during which time youíll have difficulty buying a home or getting any other credit.

Getting rid of your credit card debt is a great step toward financial freedom. Using one of these tips can help you get your finances in better order right away.

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