Visa, MasterCard, American Express and Discover are all hungry for your business. And why not? Americans purchase everything from home appliances to hamburgers on credit, often racking up thousands of dollars in debt.

It can be all too easy to build a mountain of debt and sometimes digging out takes years of diligence and dedication. It can be done, however, if you follow a few guidelines.

Start by taking an honest look at your current situation -- income and debt. Make a tally sheet of all of your monthly expenses; everything from your mortgage or rent payment to the cost of your daily latte fix. If you really want to eliminate credit card debt, you may want to take a look at which items you are willing to live without, at least temporarily.

Next, assess your credit cards -- some are better than others. Take into consideration annual fees, interest rates and any "extra" fees such as late charges and cash advance costs. If you carry a balance on more than one card, make the commitment to pay off the one with the highest rate first. If possible, transfer the debt from your higher rate card(s) to your lowest one if you have enough available credit on the low rate credit card.

It can't hurt to call your credit card company and ask them directly to lower your rate. Credit card companies are very competitive and will want to avoid having you take your business elsewhere. Oftentimes, they will lower your rate with just a phone call!

While you are in the process of paying down your debt, vow to be a cash only consumer. Nothing goes on the card -- not a single thing. Not only will it be more feasible to eliminate your debt if you do not add to it, but getting in the habit of paying cash for purchases will help you to remain debt free once you have paid off those cards.

If you are willing to do a little homework, you can check out several different credit card offers and secure a card with little or even no interest. Many credit card companies offer introductory cards with up to a year to pay at no interest. If you transfer your balance from a high rate card to one of these, you can pay off your debt that much faster. Continually consolidating the debt from higher rate cards onto low/no interest cards can help you to reach your goals.

As you pay off each of your credit cards, cancel them. When you are completely free of credit card debt, you can congratulate yourself with a reward -- but please pay for it with cash!