Some suggestions from Hilda on managing and reducing credit card debt:

• Make an initial assessment to see how much is owed and at what interest rates.

• There are many debt calculators on line that are useful to get a handle on how much you are paying in credit card interest and the length of time it will take to pay off the debt.

• Negotiate with your credit card companies to lower your interest rate and/or move balances to the lowest interest rate cards you can get. Keep moving if necessary, every dollar saved in interest can go towards paying off the balances.

• Open ‘junk mail', there really are valuable offers of lower interest alternatives to high interest credit cards. It does not create bad credit to transfer balances from one credit card company to another. When transferring the balances, close the account with the higher interest rate by stating that the account is closed at the request of the customer. This will show on your credit report that the account was closed by you, not the credit card company.

• Prioritize a payoff schedule by taking care of the card with the highest interest rate first, then move on to the next…

• Make sure that you continue to pay all your other bills on time, as even one lapse on another kind of bill can give a credit card company a reason to increase the interest rate they are charging to you.

While everyone knows it is difficult to dig their way out of a financial hole, Hilda has many better ways to put the Super Pal's money to use; building their wealth, helping each of them to meet their financial goals from home ownership, to even a great vacation, making sure their retirement savings are on track and more.

Go Do It!

• Hilda Frost can be reached at (212) 883 8566.

• For more information and help with credit card debt contact the Consumer Credit Counseling Service, a non profit agency, at 800 388 2227

• Hilda recommends the calculator on the www.motleyfool.com website. You need to register (it is free) to have access. On the left hand column under Personal Finance, click Calculators. A list of Credit and Budget subjects will come up. Click on ‘what will it take to pay off my balance' and the calculator will open in a box on the screen.