Always pay at least minimum due payment, but never less. And remember, just paying minimum payment means it will take you years and years to pay off that credit card.

Example: Paying off a $2,000 credit payment at 18% APR with a minimum monthly payment of 2% ($40 dollars or less) will take you 30 years to pay off amount plus interest.

4) Review Your Credit Report Regularly

Monitor your credit report from all three major credit bureaus - Experian, TransUnion, and Equifax - on a regular basis. Check your credit profile at least annually. Review it carefully and make sure that any past mistakes or disputes have been corrected.

Also, if you notice an account listed that you know that you have not personally opened, contact that creditor and credit bureaus immediately. This could be a sign that you’ve had your identity stolen. Request to have a fraud alert placed on your profile and account to protect yourself and your credit. Identity theft is fastest growing consumer crime in America, with an estimated 1 million people victimized each year.

Establish good credit habits early in life and reap benefits that your good credit rating will provide you for rest of your financial future.

If you’ve been paying only minimum due month after month, ask yourself this question, “Do I have an extra $10.00 I could apply to this month’s payment?” I’m sure that most of us could find some way to come up with an extra $10.00 for month. Try cutting out a few cups of coffee or lunches at your nearby fast food outlets and in no time flat you’ll have saved up extra money that you need.

Now, it’s time to unveil “The Simple $10.00 Debt Elimination Solution.” Take that extra $10.00 and add it to minimum monthly payment above, therefore making a payment of $37.50. By adding just that $10.00 a month to your minimum payment, you’ll trim 23 months or nearly two years off of that credit debt! On top of that you’ll save $277.00 in interest alone! That’s money you can put toward savings or paying off other debts. Imagine how much you’d be able to save if you applied this same simple strategy to each of your other credit card debts!

Paying down credit debt doesn’t always mean having to make huge monthly payments or sacrifices. It just takes some basic planning and a simple effective strategy to make it work.