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Ryan Guina is an entrepreneur and writer. He has worked for Fortune 500 companies and served six years in the USAF. He writes about money management and small business topics at Cash Money Life and military money topics at Military Finance Network. You can follow his twitter feed here.

By now you have probably heard about the new Credit CARD Act and how it is giving consumers new protection against the credit card companies. In a sense, this is true. But it won't do everything for you. The Credit CARD Act is there to give you some protection from credit card companies raising rates without notice, and require more standardization in the industry. But it's up to you to pay off your credit card debt. Today we are going to show how to do just that - and do it quickly!

Step 1: Assess the Damage

Let's face it - you'll never get anywhere if you tell yourself lies or sugarcoat the truth.

Go grab a copy of your most recent credit card statement(s), lay them in a pile, grab a sheet of paper and draw three columns. Write down how much you owe on each card, the interest rate and the minimum payment.

Step 2: Make the Commitment

Make the commitment to getting out of debt. Don't just say to yourself, "Yeah, it would be nice not to owe any credit card debt." Tell yourself, "Yes, I'm going to stop using my credit cards and I'm going to get out of debt!"

Mean it and do it!

Step 3: Prioritize

Determine how much you can pay to your credit cards each month; you will want to pay as much as you can possibly afford without hurting your cash flow because making minimum payments will keep you in the poor house. Take a look at the list you made in step one and pay the minimum payment on every card, but more on your card with the highest interest rate. You can throw any extra money you have towards the card with the highest interest rate each month.

Repeat this step until you eliminate the card with the highest interest rate, then direct the most money to the card with the next highest rate, etc. until your credit card debt is eliminated. This will save you the most amount of money and eliminate your credit card debt the quickest.

Step 4: Use Extra Money

To get out of debt as quickly as possible, you need to be willing to use any and all funds you have at your disposal in order to eliminate your credit card debt. That means bonuses, found money, rebates, overtime checks and even that tax refund you may have coming your way should be applied towards debt.

Step 5: 0% Balance Transfers (Advanced Users Only)

Why is there a disclaimer on this step? Because 0% balance transfer cards are not for everyone. A 0% balance transfer card allows you to transfer your credit card debt to a 0% interest rate. What's the catch? Well, you have to open a new credit card and you may have to pay a fee to transfer your balance to the new card.

That said, you can pay a fee as low as 3% to transfer credit card balance that may be in the 20 percent range. The savings potential is huge. But you have to have good credit to qualify and you have to be committed not to continue using your credit cards, otherwise the savings isn't as effective.

Step 6. Enjoy your new life without debt

Once your credit card debt has been eliminated, make the commitment to living without the plastic. You can then enjoy your life without the stress of credit cards and the never ending payments and hassles. Trust me - it's worth it!

Saurabh Dhanuka has made great strides in getting his finances under control, including starting an emergency fund, paying all his bills on time, not getting further into debt, and eliminating his debt (which he plans to complete by the end of this year). Check out his blog All Finance Help.

People use credit cards for a host of reasons. They offer the opportunity of accessing money when youre short on funds and you dont need to carry cash with you. These are two most important advantages offered by credit cards. These plastic cards provide easy money.

However, for whatever reason, people tend to forget that they need to pay the money back at some point of time. Consequently, they go on a spending spree and starts misusing their cards. Very soon, they pile up a huge amount of debt that is almost impossible to handle. This is where credit card debt consolidation comes into play.

How to Use Credit Cards

Credit cards offer comfort but they also come with a very high interest rate. In addition, if you fail to make a payment or make a delayed payment, you would be asked to pay a higher interest rate along with late fees and many other charges. All these factors are sufficient to make a person overextended. When you have multiple credit card debts, then the situation becomes really worse.

However, you shouldnt lose hope if youre facing similar kind of a situation. There is a solution and it is credit card debt consolidation. People usually carry more than one credit card. For this type of debt, it is better that you consolidate.

Loans as an Option

You can take out a loan that is equal to the amount of all your card balances combined at a comparatively reduced interest rate than your existing card rates. Use this loan to pay off your balances. In this way, youre left with just one loan that has an affordable interest rate and a reduced monthly payment that is within your means.

As a result of this, you can save more money on your monthly payments and interest rates. This would let you make more than the minimum payments each month. The outcome is that you can pay off this loan sooner and get out of debt within a small time frame.

You can go for a secured or unsecured consolidation loan. If you go for a secured loan, then you have to provide something worthy as collateral. It would work as a security against the loan and allows you to borrow a bigger amount at a reasonable rate. In contrast, the unsecured loan wouldnt ask for any collateral. These loans are more difficult to find than secured loans and usually offer a comparatively small amount with a higher interest rate. In addition, you need to have a flawless credit history.

Before taking out a credit card debt consolidation loan, you can seek advices from a credit counselor. He can offer valuable tips as to whether this is the last resort for you or there are other programs that you can pursue to achieve debt independence.

If you don't know what American Express Platinum card is, you probably don't qualify for one. In fact, you can't even apply for one you have to be invited. But if you have excellent credit, high income, and are willing to pay a few hundred dollars in annual fees , you can get:

• 5,000 bonus...

This is a guest post from Mr. Credit Card, who reviews credit cards and provides updates and opinions on the latest credit card and financial developments. Follow him on Twitter .

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