The average American household carries a balance of thousands of dollars in credit card debt. Our modern economy is built upon the concept of debt, and everywhere we turn, the American consumer is constantly bombarded with advertising and brilliant marketing campaigns aimed at opening our wallet and leading us to spend more money. If you have dug yourself a hole of credit card debt, there is good news. With dedication, discipline, and a plan, you can erase your debt.

Learn Patience

Most of the time, when people incur substantial credit card debt it is because of impatience. You want those shoes, so instead of waiting until you have saved for them, you buy them now and expect to pay it off over the next few months. You want that new flatscreen television, so instead of waiting until you have saved for it, you buy it now, and expect to pay it off over the next few months. Impulsive buying is one of the primary causes of credit card debt.

Impulsivity, or a lack of patience, must be overcome if you are going to crawl out of debt. The reason is simple—paying off credit card debt is not an easy process. It will take time and plenty of sacrifice, but it will happen if you stick to the plan.

Curb the Spending

The first step is to stop spending on your credit card. If you feel that the urge is too strong and you cannot do this in your own power, do not be ashamed! There are plenty of support groups in most towns and cities, and these can serve as a great source of encouragement to keep you from buying those new clothes or getting that business cash advance.

The second step is to conduct a thorough analysis of all your spending habits. Write down every expense you make over a 30 day period. At the end of the 30 days, take out a piece of paper and write two columns “Essential” and “Non-Essential.” Now, place each expense that you recorded over the last 30 days into one of the two columns. “Essential” should include things like rent, mortgage, car payment, utilities, etc. Cable television, Starbucks, and new clothes are not “Essential”!!

Shift the Capital

Now, take a close look at you “Non-Essential” column and honestly consider every expense that you can cut out without cutting too deeply into your lifestyle. For example, if you are a Starbucks junkie, consider cutting down to 1 or 2 times a week instead of 7-10.

Once you find all the places you can cut back each month, then decide to funnel all this extra cash toward paying down your debts. This will cause your credit card debt to fall each month. It may not be exciting, but it will be effective.