Getting Out of Credit Card Debt

October 15, 2003 — Posted at 5:15 p.m. CDT

JONESBORO, AR — Using a credit card can be enticing, but also dangerous.

According to Gary Patterson with Consumer Debt Counseling in Jonesboro, debt is defined as spending money you don't have.

"It's not so much excessive spending, but a lot of it is just buying groceries," said Patterson.

Patterson says those who usually seek professional help are thousands of dollars in debt, but he says you can also get out of debt on your own by first tearing up that credit card.

"Set aside a certain amount of money each month for debt reduction, whether you've got several creditors or just one, and never reduce that amount per month until you're debt free. A lot of creditors have a habit of reducing the minimum payment until the debt goes down, and you just don't want to do that," said Patterson.

Otherwise he says you could be in debt for life.