When you are in over your head with credit card debt, relief can seem miles away. Sometimes it seems like you are working as hard as you can to make the minimum payments or even to just barely cover the interest on your balances.If you want to get out of the cycle of credit card debt follow these 3 easy steps and you will be on your way to financial freedom.

1. Switch to a lower rate card.

If you can switch your balance from a higher rate card to a lower rate card, you can save quite a bit of money. Even a card with a 5% lower interest rate will make a difference on the amount you owe on your monthly credit card statement. Take the money you save and apply it to the balance to reduce your debt even faster.

2. Pay on the principle.

It is very easy to fall into the trap of just paying the minimum payment on your credit card statement, but if you make a practice of this, you will never get out of debt. The only way to eliminate credit card debt is to plunge in and pay it off. The more you pay on the principle the less you will be paying in interest, and you will start to see a difference in the amount of money you are being billed each month.

3. Don’t add to your debt.

Make it a rule that the credit cards are only used for special or emergency purchases. Stop buying things like groceries or clothes using your credit card. Chances are if you are going to put an item on the card, you will often end up buying things you hadn’t planned to buy. These impulse buys may be convenient, but they add up, and you will be paying for them long after their usefulness is gone.

Transcript: Color of Money Book Club - Washington Post

Personal finance columnist Michelle Singletary hosted an online discussion with Carolyn Warren , author of "Mortgage Rip-Offs and Money Savers" (John Wiley & Sons), on Thursday, Aug. 28 at Noon ET. Carolyn Warren: I list 7 disadvantages of an ...

A transcript follows. - Washington Post

Michelle Singletary: Welcome all. I'm sure today's discussion will be interesting. So let's get started. Pittsburgh, Penn.: I'm getting ready to purchase a new home in the $400,000 range - may put up to 50% down to "buy down" the monthly payment ...

TD Bank Financial Group Reports Third Quarter 2008 Results; Raises ... - CNW Group

THIRD QUARTER FINANCIAL HIGHLIGHTS, compared with the third quarter a year ago: - Reported diluted earnings per share(1) were $1.21, compared with $1.51. - Adjusted diluted earnings per share(2) were $1.35, compared with $1.60. - Reported net income ...

CIBC Announces Third Quarter 2008 Results - CNW Group

TORONTO, Aug. 27 /CNW/ - CIBC (CM: TSX; NYSE) announced net income of $71 million for the third quarter ended July 31, 2008, compared with net income of $835 million for the same period last year. Diluted earnings per share (EPS) were $0.11, compared ...

Archive for Enid Burns - ClickZ

An IDC report says online ad spending continues to grow, though at a slower rate, despite economic adversity. Aug 22, 2008 Execs & Accounts: About.com, Gorilla Nation, Fanscape About.com picks Minishak to head Eastern sales; Gorilla Nation reps ...

INDUSTRY NEWS & PEOPLE January 2008 - Business Travel Executive

The Association of Corporate Travel Executives (ACTE) has added two new members to its international team: Ronald Kosmahl, director of global education and research, and Kathleen Brannigan, senior director of global communications. Prior to joining ...

Senators Side With Students - Inside Higher Ed

The two U.S. senators who proposed an amendment to the nearly $19 billion student loan bill that was debated, and ultimately passed, on the Senate floor Thursday may have had some legitimate arguments on their side. They asserted — and some of its ...