Great discussion on how to dig out at:http://www.fool.com/credit/payback.htmI have one suggestion for 1. Pay More Than the MinimumThe Fool suggests: "Instead, bite the bullet and pay as much as you can each month. If your minimum payment is $100, double that to $200 or more."The problem with this advice is that if spending is not kept in check you can double the minimum and still go further in debt. Of course if the card is already maxed out the bank limits your spending for you, but I notice that the banks love to increase credit limits as long as payments are on time. So, the card holder must learn the spending discipline on his own.I think suggest to forget about the minimum payment and focus on the "new charges" that appear on the current statement. Then make a payment calculated as follows: New Charges + Interest + $100.00.This sounds simple, but it immediately forces a recognition that you cannot follow this formula if you keep spending more than you make.Of course spending more than you make his how a real fool gets into credit card hell in the first place.
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