the sprees

• 1). Calculate your credit card debt. How much do you owe total? Combined, how much are your monthly minimum payments? Though you may have other debts such as a mortgage, car payment, or student loans, keep this step relegated to credit card debt.
  
  
• 2). Calculate your income. What is your net monthly income? Do not calculate how much you earn each month in gross pay, or pay before taxes. The figure you need to get in this step is how much money you are taking home each month.
  
  
• 3). Calculate how much you are saving per month, and how much money is spent on other bills. According to financial planner and CPA Rebecca Pace, saving at least 10 percent of a person's monthly income is a good standard to follow. So if you earn $2,000 a month, you should be saving $200. If you cannot save any money because you are paying too much in credit card debt, it may be time to get rid of your credit cards.
  
  
• 4). Pay off the balance each month. Paying off credit card balances each month is the only way to avoid paying much more in interest. With credit card interest rates reaching as high as 39 percent, it could take you more than 20 years to pay off credit card debt by only making the minimum payment each month. If you can't pay off the balance of your credit cards each month, or at least pay more than four times the minimum payment, it may be time to get rid of your credit cards.
  
  
• 5). Stop the spending sprees. If you cannot control yourself when it comes to making unnecessary purchases with your credit cards, it is definitely time to get rid of them. Stop using your credit cards until they are paid off. If you cannot afford something at the moment, do not buy it.