Debt is a little bit like a pair of vinyl pants – it’s a lot easier to get into credit card debt than it is to get out of debt. Thanks to a little thing called compounding interest and its cronies late fees, penalties and universal default, the road to debt gets slippery on the way down and it can be hard to climb out. Depending on the severity of your situation, you may want to take drastic measures sooner. But before you give up completely, consider some of the following steps to help you eliminate credit card debt.

Budget

The reason you found yourself unable to pay off debt in the first place is probably because you spent more than you earned. Take some time to find a free budget planner online (there are hundreds out there) and figure out how much is coming in and how much is going out. Make your income exceed your spending first – otherwise you don’t have a chance.

Pay Down High Interest Debt First

If you’re like most people with massive credit cards debt, you don’t have just one account that is stretched to its limit (or beyond).  You’ll have much better luck if you pay down your high interest debt first. Try to eliminate credit card debt with high percentages as fast as possible – because it’ll grow and grow and grow if you don’t. Let student loans and low interest rate debt be for now.

TIP: If you have a credit card and used cash advance or convenience checks, you’ll be paying an exorbitant interest rate that is separate from your normal interest rate. This balance won’t go away until you pay the entire thing down – so watch out for this. Note though that this rule changes in February 2010.

Consolidate

One drastic option is to consolidate your credit card debt. Debt consolidation loans help by getting debt collectors off your back and pulling all your debts into one monthly payment. This means lower interest rates, no more late fees and better terms overall. Debt consolidation can be a risky venture, though, so be sure to do plenty of research before choosing this debt solution.

Declare Bankruptcy

This is a last resort and it can have long lasting effects on your credit history. It can make it difficult for you to get a car, a home and even a credit card in the future. But if you are truly in over your  head with no way out, bankruptcy can provide some relief and protection. While in bankruptcy, you can’t have your property seized and you can’t be harassed, by law. You’ll emerge with almost nothing – but you’ll get a clean slate. And after paying your dues for 7 years, you can begin building your credit history anew.

Getting out of credit card debt is never a pleasant undertaking. There are ways to do it, though. Some require heroic willpower, others demand professional or government assistance. Whichever method you choose, emerging from credit card debt is your second chance. Use what you learned to get things right this time around.