It is prudent to pay down or eliminate all credit card debt but if you already have your share, it is not the end of the world. There are many actions you can take to lower your payments now or at least pay off the debt more quickly. While cutting up all of your cards is one option, it is not necessary if you make a plan and stay the course.

First, create a budget by coming up with an approximation of everything you spend on a monthly basis. Begin with fixed expenses like your mortgage, car payments and utility bills. What is your income? Does it completely cover both fixed and flexible expenses?

Step Two: Cut Expenses

Flexible expenses do change from month to month but you can change them yourself for example by considering the often discussed Latte factor. The concept is that if you simply eliminate your expensive Starbucks coffee or some other indulgence, the money you would have spent can be earmarked for savings and over time be turned into a fortune. If you are in debt, instead socking away the extra money, use it to pay off those credit card bills.

TIP: Can you find an extra $200 or $300 per month in your budget? If that seems impossible, perhaps you can find $50. If you cannot come up with any extra money, or are behind on your monthly minimum payments, this plan is not suitable for your situation. Instead, call the nonprofit organization Consumer Credit Counseling Service at 1-888-656-2227 or visit their Web site at https://www.cccsstl.org/.

Assuming you do have some discretionary funds to begin this process, make a list of all of your creditors. List the name of the bank, amount you owe, the interest rate, minimum payment and so forth on a columnar pad or a computer spreadsheet. Put them in order of highest to lowest interest rate and tackle the most expensive credit card first.

Use that extra $300 each month for the designated card, and pay the minimum on the rest. At the same time, check out balance transfer offers on all of the cards. Can you transfer a balance with a high percentage to a lower one? Do look for these deals, including new card offers. Just remain cognizant of the expiration of the teaser rate so you can transfer the balance again if need be.

Another way to save money is to call your credit card companies and simply ask for a lower rate. That's right. Just ask for a lower rate. If you are turned down, don't give up. Call again another time and see if the operator is more receptive. However, before making the call, you should know your credit score.

TIP: If you haven't checked in more than a year, visit the following site run by all three credit bureaus where you can secure a report at no cost: https://www.annualcreditreport.com/. If it turns out that you do have a good credit rating, you will feel more powerful when calling, and an excellent credit score is a good negotiating tool.

In the end, after consolidating, transferring balances, paying off the most expensive debt first and getting the lowest rate, the most important thing is consistency. Continue to pay down the debt but remember not to add to it. An essential part of this approach is to stop using plastic.

TIP: If you must, designate one card without a balance to be used as a 'cash card.' Use the card when necessary, but pay it off each month and do not accumulate a balance or you will be back to square one.

Paying off credit card debt is possible, no matter how much you owe, as long as you have at least enough income to pay the minimums and are committed to a process.