Credit card debt became a huge topic of discussion over the last few years. Mainly, the credit card industry’s propensity for allotting credit lines to people who genuinely could not afford them caused massive chaos in the industry. This chaos led to cut or eliminated credit limits without notice as well as a dramatic increase in people’s interest rates. Many families could barely make ends meet with all of the rising debt.

Luckily, it seems that many in the nation began to take a real interest and dedication to paying off debts and getting their financial house in order. With credit cards becoming harder to get nowadays, it is wise for people who already have cards to keep them in good standing by paying off balances each month and spending wisely on credit.

For those who still find it a struggle to eliminate credit card debt, there are steps you can still take to find relief. Here is the top tips for paying down plastic debt and eliminating it entirely:

Stop Spending
If you find it too difficult to come up with even the minimum required monthly payment, stop spending immediately. Living on your plastic line of credit is a sure-fire way to stay deep in debt. If you can’t pay for something in cash, don’t buy it. If you are living day to day on credit, seek out a second source of income immediately.

More Than the Minimum
When constructing your monthly budget, make a point to include more than the minimum amounts for credit card accounts. If you begin to expect having to pay more a month through planning, the faster you can pay down the debt. Pay as much extra as you can afford but stick with the commitment to paying more every month, not just when you feel like it. By using this tactic, you can essentially cut years off of your debt payments and improve your credit score at the same time.

Shop for a Better Card
If your credit score is still in good standing but it is getting harder to meet even the minimums, start shopping for a card with lower interest rates. During the recession months, many credit card companies shot cardholder interest rates through the roof. Where once was a 9% rate, there soon was a 25% rate. Now as the industry is trying to rebound, card companies are trying to woo new customers. Check out the many online comparison sites and then transfer your balance to a lower interest card.

Get On the Phone With Creditors
Now that some of the drama in the industry has died down, consider contacting your creditors and ask them for lower rates. They may not want to risk losing you if you have been great about payments in the past. Many will be willing to work with you by renegotiating your card terms.

Find Alternative Sources for Funds
If credit card balances are quickly spiraling out of control, you may need to borrow cash from other resources. Your 401k, life insurance, and savings are all viable sources for cash. You may also investigate a home equity loan to pay off all debts. There are several places you may be able to turn for extra cash, but do so with extreme caution because you can end up losing more than you bargained for by not considering the consequences.