Just about everyone I know has some form of credit card debt. Stuff happens.

The fact is, you WILL get out of credit card debt, if you do the following:

1) Don't add to your debt
2) Pay your minimums

The problem is, it may take years and years, and you'll pay high rates of interest.

So what to do?

Get your debt down to the lowest interest rate possible.

This is probably the fastest and easiest way to greatly reduce the amount of time it takes to pay off your debt, as well as saving you hundreds, if not thousands, of dollars.

First, call all your current credit card companies. Many times they have lower-rate offers for balance transfers and purchases that they somehow don't feel the need to tell you about. If you've been a good customer with timely payments, you may qualify for one of these offers. Make it clear that you're taking your business elsewhere if they can't help you out.

Don't make any decisions until you've contacted each company.

If your own credit card companies won’t get you below 9.99%, or you’d like to see if you can get your rate even lower, then take a look at www.bankrate.com to find a card with low balance transfer rates.

Make plans to restructure your balances to the lowest-rate card after considering the following:

Balance transfer fees. It may cost you either a percentage of the balance being transferred (typically 3%) or $75 - whichever is less – to transfer to a lower-rate card. Is this worth it? Figure out how much you’ll save with the new rate, then add the fee back in. Still less than the interest you’re paying now? It’s worth it.

Your credit limit. If the card with the lower rate will only give you $2000 in credit, while you have balances totaling $8000 to transfer, you may want to look elsewhere. It’s always best to have fewer cards. Sometimes the credit limit is simply a standard amount, and the company will increase it for you if you just ask.

Annual fees. Does the card have an annual fee? If so, how much? Again, add it to the amount you’re saving by switching cards. If it’s still less than the interest you’re paying now, the card is a bargain, despite the fee. Once you’re charged the fee, call and threaten to abandon the card unless they take if off your bill. You might be surprised!

When (or if) the special rate expires. Introductory rates can last anywhere from three months to one year. Try to get as long a period as possible. If cards are an interest point or two apart, but one is three months versus another at six months, calculate how much you save with each. Always go with the card that saves you the most.

Secial restrictions. Sometimes you have to make purchases each month to maintain your low balance transfer interest rate. Beware of these deals! Any monies you pay will always go to the balance you’ve most recently charged before it goes to the balance you transferred. The way to work around this is to carefully charge just the minimum required to keep the rate, then add that amount to the debt payment each month. You’ll cover the extra charge and then pay down your principal, all at the same time.

Once you've decided on a card, get those balances transferred as soon as possible. Make sure you continue to pay on your credit card accounts in a timely manner until the transfers are completed.

What if you can't fit your entire balance on one card? Then move some to the second-best rate card, and so on.

Don't forget to mark your calendar a month or two ahead of any special rate expiration dates. You need time to research and/or apply for cards and you don't want to get caught having your balance jacked back up to 20% or so.

Never pay late on your new balance transfer cards. Do whatever it takes to ensure payments get there ahead of schedule. Why? Because with just one late payment, wham! -- your beautiful, lower interest rate will be gone forever.

Always remember that the credit card companies are NOT out to help you. They want to make money off you. It's your only leverage. So use due diligence, take careful notes, mark your dates, and then take advantage of those lower rates.

As you restructure your debt, begin examining your budget for areas to cut expenses, so you can live beneath your means. You don’t want to add to your credit card debt even as you’re working to dig out from underneath it.

Now, get those fingers dialing!

Next step: Stop adding to your credit card debt each month.

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