Excessive credit card debt is a growing problem in America, especially during economic downturns. Credit card companies have made it far too convenient for people (including high school students), to set up accounts while they sit back and collect outrageous amounts in interest.

Credit card companies actively solicit young adults ("How teens get sucked into credit card debt"), even before they are old enough to drive. It is a shameful and irresponsible practice on their part, especially since most have not  had much experience of how life really works.  Rarely do they have enough exposure on how to handle their finances at such young ages.

No matter how big of a hole you have dug financially, you can take steps to lift yourself out. Now is the time to take control of your finances. Take no prisoners and do not look back. The end of every financial heartache has a beginning.

1. Always pay more than the "minimum payment required" amount of each card, even if it is a few extra dollars. If you are unable to pay more than the minimum, cut back somewhere in your budget. Paying the minimum each month will get them paid off—eventually—ten, fifteen or twenty years from now. Click here for a calculator that will give an estimate on how long it would take to pay off.
2. Some experts say pay-off the smallest first, which allows you to feel accomplished. Others say pay-off the highest interest rate first, which saves quite a bit of money in interest fees. Find a system that works best for you and stick with it.
3. Use windfall money (bonuses from work, income-tax refunds, rebates, inheritances, etc.) toward extra credit card payments.
4. Contact the credit card company and ask them to lower the interest-rate. You may be pleasantly surprised at how often they will comply to your request. If not, search for a lower interest-rate elsewhere. Every percentage point counts toward saving money.