The New York lifestyle and cost of living can sometimes be expensive, and if you are just starting out on your own, or are newly arrived here, these expenses can catch up to you, causing you to spend unwisely or mismanage your money.

And New Yorkers are not the only ones. According to many studies; the average American household carries about $9,000 in credit card debt. There are millions of Americans who manage to pay off their debt and many still struggling to get out of it.

One of the best ways to get out of debt is to assess the damage, organize your balances, and create a plan of attack.

Here are six tips that can help you get your credit card debt under control.

1. First things first – Stop using your credit cards. Consider taking all but one (for emergencies only) out of your wallet and leave them at home. Use cash only. If you can’t pay for it then you don’t need it. Credit cards are not our friends. When shopping, make a list and stick to it.
2. Set goals – know what you want to accomplish in both short and long terms.
3. Create a budget – this only helps you determine the whereabouts of your money. If you hate excel and don’t want to spend the money on Quicken. Mint.com may be a way to go; it is a free online money management system that will help you get your personal finances in order.
4. Create a debt reduction strategy – make a list of all your liabilities and begin paying them down. Dave Ramsey, a financial expert, suggests paying off the smallest debt first to create the greatest momentum and keep you motivated to accomplish the goal. Once you create your budget you would be able to see how much you can allocate to paying down debt every month.
5. Do not use retail store credit cards for their discounts. There is a possibility that these cards carry high interest rates and if you end up having a balance at the end of the month, you really didn’t get much of a discount to begin with.
6. Reduce interest rates – one phone call can save you a lot of money. Getting a credit card lender to lower your interest rate will help you pay off your outstanding balances quicker.

Even though New York is looked upon as being one of the most expensive cities to live in, it is possible to successfully live here without breaking the bank, even with children.  It takes careful planning and management, and the ability to not spend outside of your means. I, by no means consider myself a debt expert, just one of many who have been caught in the spending cycle. Take hold of your financial destiny; create a plan that will allow you to reap the benefits of the money you work hard to earn.

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