If you are drowning in a cesspool of credit card debt, you are certainly not alone. The Federal Reserve has revealed that Americans have accrued almost $1 trillion, an all-time record high, in what it refers to as 'revolving credit.'

Financial professionals are constantly advocating to people to pay their debts, especially high-interest credit card debts. It may help stir you into action if you examine your debt from another angle, said Hersh Shefrin, a behavioral finance professor at Santa Clara University. He defined debt as a 'form of borrowing against future consumption.' It means that paying off a high-interest credit card now will leave you with more spending money for yourself in the future.

Study your income and expenses

Your next step is to analyze your income and expenses.

National Foundation for Credit Counseling spokeswoman Gail Cunningham says she always urges her clients to cut down on spending. If there are not enough expenses to cut, she advised taking a second job to speed up debt payments. This may require some sacrifice but it can free you from debt in half the time.

Another useful advice is to first pay off all high-interest credit cards and loans, and then continue working down through the list.

Always consider which debt is secured and which is unsecured when deciding which debt to settle first. Home mortgages are the biggest secured debts that many Americans face.

Getting to zero debt

Nancy Register is the associate director of the Consumer Federation of America in Washington and the director of America Saves. 'Getting to zero debt is a wealth-building strategy,' and a basis of the America Saves program, she said.

Obviously, the card companies will discourage their card holders from getting to zero debt. Ms. Register blames the credit card companies for the unprecedented consumer debt rate in America today. Expect a flood of new credit card offers once you start to pay off your debts.

Don't neglect your credit score

People caught in debt are spinning helplessly in a downward spiral. 'The higher your debt load, the lower your credit score,' said Douglas Heller, the executive director of Consumer Watchdog. 'And the lower your credit score, the more you will pay for any loan.' That, Mr. Heller added, 'just makes it harder and harder for people to climb out of these holes.'

However, once you start your debt repayment, things will work favorably on your side. Your credit rating improves with lowered debt and may lower the interest rates on your balance, which will be easier to settle.

Heller warned that some method of debt reduction may harm your credit rating, particularly if you're negotiating for a lower card balance. Creditors will settle for less money for fear you might default to cut their losses. If a creditor agrees to relieve a percentage of your debt, it will negatively affect your credit rating and may be bad in the long run.

Should low-cost credit card offers appear in your mailbox, you can use them as bargaining tools to negotiate with your credit card provider for a lower rate because sticking to one company for a long time improves credit rating. If your card provider refuses to offer a lower amount, then you can sign up for the new cards.

About the Author:

The author of this article is Benedict Yossarian. Benedict recommends Real Claims for Mis Sold PPI or if your company is facing financial difficulties Wilson Field for Pre Pack Liquidation.