Guidance given on getting credit card debt under control

Those struggling with their credit cards must first of all admit that they are having difficulties.

Such is the claim of Bernard Salt, where writing in an article for the Australian, he states just as the first step for those attending Alcoholics Anonymous meetings is taking ownership of the problem, it is time for those struggling with credit card debts to come to terms with such difficulties.

Following a period of easily accessible credit, Mr Salt suggests that numerous people have been spending with little thought to the debt they will ultimately incur.

And as a pun on the Lord's Prayer, he states: "Please save us from our credit card debt and lead us not into temptation but deliver us along the path of righteousness and unto eternal solvency."

In a bid to get to grips with their finances as the downturn continues, Mr Salt recommends that people switch to generic brands while shopping and replace overseas holidays for domestic vacations.

Those wishing to control their credit card debt may also want to consider taking out a low interest ratecredit card to consolidate money owed across a number of sources.

However, Janet Webber, senior financial planner of Commonwealth Bank, claimed those looking to do this need to exercise a degree of discipline in order to make sure that they are able to clear their credit card debts within a specific timeframe.