If you have large amounts of credit card debt it could be doing more harm then you think. Aside from the high interest charges and possible negative effects on your credit score it can also affect your health. Unsecured debt creates mental stress for people. Even if you're not worrying about your debt it will always be in the back of your mind. Obviously the best thing you can do is pay these debts off as fast as you can but that’s not always easy to do. The problem with this method is most people can't afford to pay that much extra on their monthly payments.

First you need to have a good look at your current financial situation. Make a list of your current monthly expenses and income. Ideally you would like to have a 20% savings but since you have debt you should be using that 20% to pay off these debts.

What are you spending money on that you can live without? Everybody spends money on luxury items. This can include extra cable channels, morning coffees, restaurants, clothes you don't even need, and other non-essential items or services. Most people are amazed when they see how much then can save per month just by cutting out these purchases. I'm not saying you have to give up on these things, but you can probably do it to some degree or until you have your credit cards paid off.

If you’re still in the red after you make cutbacks then you may need the help of a debt specialist. Many companies now specialize in dealing with consumer credit card debt. These services can include debt consolidation for homeowners, debt settlement, debt management, and credit counseling services.

Debt settlement or debt negotiation is for people who can no longer afford to make their monthly payments and are considering bankruptcy. You or someone acting on your behalf with negotiate with the credit card companies to have your total debt owed lowered.

Credit counseling is when someone uses a counselor for help and advice about getting their finances back on track.