How to Pay Off Credit Card Debt-Which Debts Should You Pay Down First?

The first step to paying off your credit card debt is to make a list of your debts and then prioritizing them. If you're in serious debt trouble, you'll need to know which ones you have to pay and which ones can wait. You only have so much money coming in each month and you've stretched that income as far as it will go and are still coming up short.
The choices you have at this point are to pay some debts and to not pay others. It's time to sit down and make some difficult choices…which bills are you going to pay down first? Some choices could be your home, automobile, and even household possessions. At this stage don't think about borrowing to pay off your debts, it's just not a good idea.
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Now its time to decide which debts to pay…If a credit card company is calling regularly its likely doing this because they have no other way to get the money. You need to be really concerned with creditors who can take action against your important property like your house, car and utility services.
If you have to choose between paying off credit card debt and the necessities of life… choose to pay the creditors that can take action and hurt you and your family. The thing to remember and to keep in mind while your choosing the debts to pay is "collateral" That means the creditor has the right to take back their property if you don't pay them.
Some example's are your home "mortgages" your auto and your household possessions are any creditor who has used your property as security to guarantee the loan. Do some research and find out which debts and credit card and store cards are secured. A secured debt is one they can seize your property and sell to get the money owing.
Some examples of secured debts would be your mortgages, car loans and loans which have been secured by the item itself. Some unsecured debts would be Credit cards…Charge cards…Medical and Legal bills. Fuel charge cards and department store cards [sears, zellers…etc]
Some bills you need to pay first are: Family necessities…Household operating expenses…Minimum required to keep you home utilities on. This article has only scratched the surface on how to pay off credit card debt!