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Don't Blow It Off
These days, the average person graduates college with $4000 in credit card debt, but because most of your friends are in the same boat, it's easy to feel like carrying a balance is NBD. Yeah, don't be fooled: With an average interest rate of 17 percent, that four grand is designed to grow faster than the Kardashian empire, so it's key to get it under control as soon as you can.
Step Away From the Store Card
Tune out when salespeople ask if you want to save 20 percent by opening up a card. With short grace periods and ridic interest rates, retail CCs are practically designed to f*ck with your finances.
Find "The One"
A good credit card has the same qualities as a good boyfriend: It's fair, generous, and always there for you. Pick one with a reasonable interest rate (15 percent or under) that gives you rewards or cash back minus the annual fee. And make sure the company has a mobile app so that you can keep track of your spending on the go. Compare card details at BankRate.com.
Rein It In
Rather trim Al Roker's nose hair than create a budget? Luckily, LearnVest has a brilliant, free tool called Money Center that makes it relatively painless. Link up your accounts and it'll break down where your money is going and where it should go: 50 percent towards essentials (rent, car payments, etc.), 20 percent for the future (401K plan, retirement, paying off debt), and 30 percent for lifestyle (all the fun stuff). For $69, LearnVest will also hook you up with a certified financial planner to walk you through budgeting and advise you on how to trim costs.
Get Creative
Look carefully at what you're spending on each month, and figure out how to cut back. Instead of a cable subscription, watch shows online for free. Swap pre-washed mesclun greens for a cheaper head of lettuce. Eat out a max of once a week. Also, find ways to score extra cash: Sell clothes you haven't worn in over a year, babysit on the weekends, whatever.
Plan Your Attack
The order in which you pay off your debt matters. First, take care of the minimum payment on all of your cards. Next, pay down the CC with the highest interest rate. Then, tackle the one with the next-highest rate, and so on.
Don't Wait
Interest rates compound daily, not annually, meaning that every day you wait to pay down debt, the more you owe. So instead of holding off until the end of the month when you get your statement to make a payment, take action as soon as you have cash to spare.
Go on a Cash Diet
Credit cards make it too easy to spend because swiping a piece of plastic sort of doesn't feel like real money. Actually watching the cash evaporate from your wallet is a whole other story—studies have found that people are more frugal when they pay with bills. Plus, it helps you stick to a budget because you can limit the amount you take out of the ATM each week.
Use Your Powers of Persuasion
Negotiating with your credit card companies can nab you a better interest rate or workable payment plan. There's no guarantee they'll be game to help, but since it's in their best interest to get you debt-free, it's def worth a shot.
Make a Move
If you have a crystal clear tactic for paying off debt in a short period of time (for example, you received an inheritance or scored a fab bonus), consider signing up for a balance transfer card with a zero percent interest rate. You can shift your debt to this card and avoid the whopping fees most CCs charge for hanging onto a balance. The hitch? The zero percent offer only lasts about six months, after which it skyrockets. So only go this route if you've got a solid plan in place.
Take Drastic Measures
Are things really really bad? If you're about to default, contact a credit card debt counselor from the National Foundation for Credit Counseling. For a small fee, they'll help you set up a debt management plan and get your interest rates lowered.
