You will want to get rid of your credit card debt as soon as possible and at the cheapest cost to you. Here is a quick way of doing just that:
- List your cards, the balance, interest rate and the minimum payment
- Arrange your cards so the highest is at the top
- Add the minimum payment for all the cards together
- Come up with a figure of what you can pay besides the amount of the minimum payment.
- Then each month pay the minimum balance on each one except for the highest one. That one you pay the balance PLUS the amount you decided extra to pay.
- Keep paying like this until the highest one is paid off then go to the next one and continue until they are all paid off.
To pay off even faster call your credit card companies and ask if they will lower your interest rate. You will be surprised at how many will do this for you.