Are you sick of debt? Are you tired of living in constant fear of the phone ringing? America is the greatest nation on earth and yet so many of us are not truly free. Being in credit card debt means that you are in bondage and therefore cannot be free. However, there is hope. You can join the millions of debt busters who have decided once and for all to stop the cycle of perpetual debt. This mortgage and credit crisis has sent the American economy into the worst recession since the end of WWII. Unemployment has shot up to 10% and there is no real end in sight. However, with any great struggle comes great understanding. Americans are waking up to their debt problems by the millions. Here is a bit of proof, in 2006 the American savings rate was a shocking 0%! In the last three years, that number has shot up to 6%. Americans finally understand the value of saving money.

As the economy struggles to hold itself together low interest rates have helped some people. If you have a variable rate mortgage then you have actually seen your monthly payments fall. This extra cash can then be used to pay down other forms of debt, such as credit card debt. In a recent study, 70% of people with a variable rate mortgage said that they are using the extra money available from not having to pay such a high mortgage to pay down their other debts.

If you want to become a debt buster, then you should follow the tips outlined below.

The first thing that you want to do is consolidate your credit card debt onto a low or no interest credit card. This serves two purposes. First, it reduces or even eliminates your interest rates. Second, it helps you organize all your debt into a single monthly payment. This reduces your risk of accidentally forgetting to make a credit card payment.

If you decide to get a zero percent interest credit card then you should make sure that you fully understand the terms. Most of these cards will make you pay of the debt in a certain amount of time (such as a year) and if you fail to do so you will incur some hefty fees. If you do not think that you will be able to pay off your entire balance within the period that is required, then you would be better off getting a low interest credit card that would allow you to pay off your debt over a longer period of time.

You could also look at getting a low cost debt buster loan. Getting a low interest loan is better for consumers that have thousands of dollars in credit card debt. What you do is get a loan and then use the money from the loan to pay off your credit cards. You will then have to pay off the loan over a period of a few years. This method is advantageous because your credit score will benefit from wiping the balance off your credit cards.

When looking for a loan you have two options to choose from, unsecured and secured. An unsecured loan often has a limit (such as $50,000) that you are not allowed to exceed. The reasoning behind this is that your creditor does not want to lose a substantial amount of money in the event that you declare bankruptcy.

A secured loan is secured with some form of collateral. This collateral is almost always your home. The idea behind a secured loan is that in the event of default, the creditor would own your home. While you can borrow much more with a secured loan, you must be very careful because they creditor could end up with your property if you are not able to repay.

Debt management is another option at your disposal. Debt management is the act of negotiating with your creditors in order to eliminate some of your debt. The idea is that this is a win for both parties involved. It is obviously a win for the consumer because they do not owe as much. However, it is also good for the creditor because at least they will get some money from you. If you were to declare bankruptcy then you would be left with nothing.

Now that you have this information on how to get rid of your debt, it is time to start today!