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Getting out of credit card debt
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One common mistake people generally make when trying to get out of credit card debt is trying to get rid of all the cards at the same time. I am going to agree with Suze Orman on this one and say you're better off focusing on one at a time.
For example, let's say you are carrying a balance on three cards.
The first thing you should do is put them in order from the highest apr to the lowest apr.
Second thing, figure out what is the amount you can commit on a monthly basis which is dedicated to paying all three cards together.
Third, pay $10 more than the minimum on the last two cards, and put the remainder entire amount of the leftover budget to pay off the 1st credit card (which is the one with the highest apr). Continue this process until the balance is left on only two cards, and then repeat the process for remaining two cards.
If you have good credit and have the option to transfer your balance to a card offering 0% APR for a period of time, you should probably do it. Keep in mind you will probably pay around 3% fee for the entire balance you are moving over. You should also pay attention to the apr which will be applied after the honeymoon is over.
Last but not least, contact your cards and ask if they can lower the APR, and be sure to tell them you are getting many offers. It is much harder to negotiate with companies when you are going through rough times, but the worst that can happen is that they will say no and you can still use the new strategy you learned to help pay them off using a more efficient strategy.
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