Whether you owe 2, 3, 10 or 100 thousand dollars or more, if you’re thinking “I wonder if I should reduce credit card debt,” the short answer is you probably should.  Once that question pops up, it’s usually an indication that you’re in over your head.

Sure, many people find debt reduction to be a daunting process.  But have no fear!  Following are seven quick and easy ideas to reduce credit card debt – including steps you can take immediately.

Seven Steps to Reduce Credit Card Debt

Assess Your Situation: Take a moment to figure out answers to the following questions:

- How much total debt do you have?

- What kind of debt is it?  Consumer debt?  Revolving loans (such as car loans)?  Mortgage debt?

- How does your level of debt compare to your income?  If the level of consumer (i.e., non-mortgage) debt you’re carrying exceeds 30% of your income, you’re reaching the danger zone.

Set a Monthly Budget: To truly reduce credit card debt, you need to know how much money you have coming in as well as how much you must spend on necessary expenses, such as food, shelter and transportation.  Use these numbers to develop a monthly “emergency budget” level.  This will tell you how much income you need to meet true necessities.  Add to that amount the minimum payments per month on your credit cards.  If the total amount is more than or close to what you’re bringing in, you might need to consider a second part-time job or other options to really make a dent in your debt.

Cancel / Cut Back on Non-Necessities: When developing your “emergency budget” did you include cable?  Dining out?  Movies?  A new pair of shoes every month?  Your gym membership?  Believe it or not, these are not true “necessities.” Be ruthless in cutting out non essential items.

Develop a Plan: Once you have a sense of how much you owe as well as your “emergency budget”, you will have a far better understanding of how much money you have to focus on your efforts to reduce credit card debt.  Then you’ll want to think about where and how to make extra payments.  So, for example, if you have a small balance due on one card, you might want to pay that off as soon as possible to give yourself a “victory.”  Or, you might want to focus on your highest rate cards.

Stop Using Credit: Make a serious effort to stop using any form of credit, including cards, lines of credit or revolving loans.  Cut up or cancel all but one emergency card and stop purchasing items that you cannot afford based on your emergency budget.

Look In To Consolidating: Although it seems backward, to reduce credit card debt, you may want to look into finding a new credit card – but not just any card.  You’ll want to find a card with the lowest interest rate possible.  Then move all your existing debt to that card.  Remember, too, that it doesn’t always have to be a card.  You might be able to get a loan from your local bank or a site like Lending Club.

Don’t Go it Alone: If you’re feeling overwhelmed, consider contacting the Consumer Credit Counseling Service or the National Foundation for Credit Counseling.  They can help you assess your situation, work with lenders, find consolidation options and develop a budget.

Armed with these ideas, you’ll be able to reduce credit card debt and, perhaps, even live a debt-free life!