How Can I Pay Off My Credit Card Debt?

For those struggling to pay off their credit card debt it can be done with a little elbow grease. You may have to cut back to pay extra on your credit cards, but where there is a will there is a way. The posting of suggestions to pay off your credit card debt was inspired by the question "Should I take out a 401K loan to pay off my debt?". While getting a 401K loan can be useful to paying off debt, it can be dangerous under the current economic situation. If you lose your job you will be looking at being taxed on the money you borrowed.

We have been getting all kind of suggestions and we will continue to post them as long as they keep coming in. I was once in credit card debt in excess of $60,000 and paid back every penny. Some of the tips are the very ones that I used to pay of my debt. These tips won't make you debt free over night. It took me five years, but if you want to get that weight off your shoulders try some of these out. It will add up over time.

- Barter- For example fix your neighbors car in exchange in for a hair cut.

- Clip coupons, use rebates, and shop sales.

- Sell your car and buy a less expensive used one or take public transportation until you can afford a new one.

- Do small home repairs yourself instead of paying someone.

- Sell your home and buy a less expensive one that is smaller.

- Move in with family or friends for a short time to save on rent.

- Borrow books from the library instead of buying them.

- Rent DVD's, instead of going to the movies.

- Cook from home instead of getting takeout.

- Stop buying coffee or lunches out and bring your own.

- Find ways to reduce your grocery bill. Use leftovers, cook inexpensive meals such as soup, and create menus based on what is on sale.

- Reduce your children's allowances.

- Buy store brands instead of name brands.

- Plant a vegetable garden.

- Stop gambling or buying lottery tickets.

For other money savings tips look at these previous posts:

If I Don't Take Out A 401K Loan To Pay Off My Debt Where Else Can I Get Money?

If I Don't Take Out A 401K Loan To Pay Off My Debt Where Else Can I Get Money? Continued...

If I Don't Take Out A 401K Loan To Pay Off My Debt, How Can I Pay Off My Credit Card Debt? Continued...