Almost everyone has at least one credit card, but how do you know when you're headed for trouble? And what can you do about it? NY1’s Paul Messina has answers in this Money Matters report.

Some people pay their credit card charges in full every month, while many of us carry a balance. If you make more than the minimum payments on your credit cards, good for you - many people can't.

“They know who they are,” says JoAnn Fleming, a certified public accountant. “They know inside their gut who they are. You know, you talk to your friends, other family members and stuff, and you know when credit card debt is getting the best of you.”

Letting credit card debt get away from you can affect your entire financial picture. Will you be able to pay your other bills, or will words like “foreclosure,” “final turn-off notice” and “disconnection” haunt you daily?

“If you get jammed up you have to take control,” says Fleming. “You have to take charge and start doing things to attack it.”

Start by writing it all down. List your credit cards, with the balances and the interest rate you're paying for each.

“First of all, you can call them. Call the different credit card companies and ask them if they will adjust your interest rate,” says Fleming.

Either way, continue your attack. Start paying off one card intensely. Pick the one with the highest interest rate.

“Focus in on one card at a time so you don't feel overwhelmed,” says Fleming. “You cannot focus in on 12 cards at the same time. No one could do it.”

At the same time, you've got to spend less.

“You have to start cutting your budget and facing the facts. The facts are you have credit card debt that's going to need attention for maybe a few years,” says Fleming.

But the best thing you can do is learn more, so you can get out of this mess and prevent it from coming back.

“If you got sick and somebody diagnosed you with some disease, the majority of people would go on the Internet and start to learn about the disease and research and read,” says Fleming. “I think you could do the same thing with your finances.”

Fleming believes there are two last resorts you should try to avoid. The first is bankruptcy, which can mar your record for many years. The second is taking money from your pension, 401K, or retirement account.

“If you live in New York City, the penalty and the income tax combined could be up towards 50 percent,” she says. “If you pulled out $$10,000 out of your IRA to pay your debt, at the end of the year you're going to owe maybe up to $$5,000 in tax and penalty. That's a horror. To me, that's not a good plan.”

So try the other steps we've mentioned first, and don't hesitate to ask someone for help. There are many resources out there.

- Paul Messina