Search the internet for the credit card with the lowest rate of interest and apply to transfer the balance of your existing credit card account(s) to the new lender. The less interest you pay each month, the more available cash flow you'll have to overall eliminate credit card debt.

You may even be able to get a 0% interest rate for the first six months on your new card. Instead of having to pay a certain amount of interest just to stand still every month, you'll have even more cash available to reduce your debt.

Credit card debt reduction is like running on a treadmill. You spend vast amounts of energy without getting anywhere. So a six month interest free period is the financial equivalent of someone switching off the machine.

After six months without having to pay interest, it’s possible to knock a sizable hole and possibly eliminate credit card debts.

5) Avoid Unnecessary Fees and Penalties.

It pays (literally!) to know all the terms and conditions of your credit card agreement. Find out all the ways it's possible to incur additional fees and penalties...and then take steps to avoid them.

Know your credit limit and stick to it. Know the minimum monthly payment and when it has to be paid by. To make sure, you could set up an automatic payment from your bank to your credit card account every month. Set a monthly sum that's bigger than the minimum amount required. That will prevent any penalties for late payments. You can then pay extra towards your account as and when you have extra cash available.

As far as the annual fee is concerned, this is just blatant profiteering by lenders. If your can has an annual fee write to your lender asking for it to be waived. If they don't agree, move your debt to a card provider that doesn't operate an annual fee.

Lenders make billions every year from basic interest payments alone; don't give them the ace for the straight flush on top of that.

6) Focus on Repaying Higher Interest Credit Cards First.

If you have more than one credit card account, take a look at the rate of interest that applied to each card. Use the Annual Percentage Rate (APR) to sort out the cards with the highest to the lowest rate. Once you've done everything that you can to reduce the interest rates, focus on repaying the cards with highest APR first.

This means paying the monthly minimum on every card, then using the rest of your monthly repayment money to reduce credit card debt on the highest interest card. In the long run, this will reduce the overall amount of interest that you have to pay, and will speed up your credit card debt reduction plan.

It's also worth bearing in mind that credit cards sometimes charge different amounts of interest on different types of debt. For example, balance transfers might receive a special low rate, while new purchases will be charged at the lenders standard (and usually higher) rate. It's worth taking this into account when ranking your credit cards according to their interest rate.