1. Search for the current credit card offers that give you the longest introductory rate period at the lowest interest rate, preferably 0% interest. Search Now

2. Transfer as much of your high rate credit card debt onto the new credit card as you can. Be sure to read my important tip at the bottom of this page.

3. If you were approved for the first card but did not get a credit limit large enough to transfer all of your high interest rate debt to the card, consider applying for a second card. Again, you are looking for the same criteria, 0% introductory rate with the longest term.

4. Under no circumstances should you use those new credit cards that you transferred your balance to for any purchases. The goal here is to pay off debt, not incur more than you started with.

5. Hopefully you found two 0% interest rate cards with at least a twelve month introductory period. This gives you a little bit more breathing room.

6. Do not fall for the lure of minimum payment crack. When your credit card statements arrive I do not want you to pay only what the minimum payment states. If you do you will simply be making little tiny payments and when the introductory period expires you will have not made any progress.

   Look, this is a game for your creditors. Your creditors are trying to lure people to their cards by holding out the temptation of 0% because they know that most people don't take advantage of this free money to get out of debt wisely. They know that if they can string you along on minimum payment crack for a year, that the interest rate will explode after the introductory period and then they've got you.

7. I have found that there are two basic camps of financial personalities. Camp A is filled with all of those people that love to make long-term plans and implement them. Camp B, the larger camp, is filled with people that are busy, get off-track and need to see steady progress to continue the mission.

   No matter which camp you identify with the next step is for everyone.

8. Take the total amount of your transferred debt and divide it by the length of the introductory period. For example, if you transferred $12,000 at 0% for 12 months, you will need to make payments of at least $1,000 a month to be debt free by the time this introductory period expires.

   If you identified yourself with the Camp A folks then you should send $1,000 a month to the card(s). If you identified yourself as a Camp B person then you should send $231 a week to the card(s).

   The formula is simple. Camp B people need to calculate their weekly payments by dividing their total debt by the number of weeks in the introductory period. Camp A folks should divide their total debt by the number of months in the introductory period.

9. There is nothing that says that you have to make only one payment a month. For most people, when they are trying to save money up to send it, it often gets used for something else. If that sounds like you then my weekly payment plan is an excellent approach. The other benefits of the plan are that you will be able to see the balances going down each week, you will get emotional support that your sacrifices are worth it, and if you are sending a payment each week you never, ever have to worry about missing a due date and getting a huge late fee.

Let me summarize

• Search here for the lowest rate introductory rate credit card with the longest introductory rate period.

• Divide your transferred debt by the introductory rate period in either months or weeks.

• Do not incur any more debt during this time so you are not taking two steps forward and three steps back.

Most people are in such a hurry to get out of debt that they make a terrible mistake. Whatever you do with the old cards that you transfer the balances from, do not close them. Those cards that had high balances are probably some of your oldest credit cards. If you close the cards it kills any benefit you have earned for developing a long history with those cards.