In these economic times, it seems as if money is tighter than ever. As more Americans try to tighten their belts to cmpensate for unemployment, the credit card debt many households racked up during good times has been weighing heavily on them. Depending on far in debt you are, paying bad the debts on credit cards can be a long and sometimes painful process. But the quicker it gets done, the quicker you will have more disposable income for investments, vacations, nights on the town or whatever you please. It is very important to get the debt paid back quickly. Credit cards usually carry and interest rate between 12 and sometimes up to almost 20 percent yearly. This means if you drag out payments on a credit card where you owe $5,000 over 10 years, you'll roughly pay back close to $20,000. Think of how much time you could spend relaxing on the beaches in Sardinia with that kind of money!

The good news is that there are several steps you can take today to eliminate your debt and put you back on the track to being debt-free.

Always remember the first rule of holes.  When you find yourself in a deep hole, STOP DIGGING!  If you're serious about eliminating your debt cut up your credit cards immediately.  You need to focus on paying your existing balances back, not adding to them, no matter how cute those shoes are or the fact that there's a once in a lifetime sale on powerboats and the local Pro Bass Shop.

Create a budget for every week and stick to it.  Also make sure to keep a record of all your expenses so you know exactly where all your money is going.  This advice is useful even when you're finally out of debt.

It's going to be pretty hard to cut your mandatory expenses, unless you like eating Ramen noodles or living in a small studio apartment with one light bulb you rotate, so focus on eliminate luxuries.  Limit your trips to the movies, purchases on new clothes, expensive vacations abroad, and anything else you can think of.  Don't make the mistake of living beyond your means, as many people do. 

Make sure not to cut everything out so you sit at home being miserable all day though.  Come up with creative ways to have some fun and spend money.  Learn how to cook meals for yourself, spend time in parks with a thermos of coffee brewed at home instead of going to Starbucks, and for those bar rats like myself, drink at home before you go out at night so you don't spend money on overpriced bar drinks.

Paying only the minimum payment on your credit card is a sure fire way to stay in debt for the rest of your life. Put any money you've saved in your budget into paying off your credit cards sooner rather than later. Instead of splurging with your tax refund, year end bonus, of money you get from gifts, put this into paying your cards off as soon as possible.

If you have more than one credit card, make sure to pay off the card with the highest interest rate first. Ideally try to double or triple your monthly payment. But if you can't do this any amount of money you can put towards paying down your debt, even if it's only an extra $20 a month will go a long way towards reducing your interest payments.

Also consider readjusting how much money you're putting into savings each month, especially if the amount of money you're earning on your savings is significantly less than the amount of interest you're paying on your credit cards.

One route to go to reduce your interest payments is to apply for a new credit card with a lower APR, ideally 0% for a set amount of time.  You will have to most likely pay a fee to transfer your balance to the new card, but over the course of the year you'll make up this amount of money in less interest payments. 

This isn't without a few risks however.  Depending on how much credit you already have been given, having another credit card may negative impact your credit score for having too many lines of credit open.  So make sure to cancel your old credit card after doing this.  This will also remove the tempation to spend more on your old card.

Sometimes, especially if you have a history with the credit card company and decent credit contacting the credit card company to tell them about your situation may yield positive benefits.  The companies want to get their money back more than anything else, so they may be willing to restructure your payments or lower your interest rates to help you pay back the money sooner.

This should be especially helpful if you've missed a payment and now have sky high interest rates either due to a lapse in your memory, job loss, or some other reason.

If you've exhausted all your possible options, you may still be able to avoid bankruptcy by contacting a debt consolidation company.  These companies negotiate with your creditors on your behalf for a new repayment plan with lower interest rates.  Each month you will them send the debt consolidation company a check and they will in turn pay your creditors.

Using a company, you should be able to get rid of your debt in at least six years.  Make sure when you're researching companies to choose a non-profit one however.  For profit firms may charge a monthly fee for their services.

There you have it.  If you follow these six steps, granted its easier said than done, but you should be able to get rid of or at least drastically reduce the amount of money you owe on your credit cards in no time.