Make a spread sheet with all of your credit card debts. Sort them for highest interest rate to lowest; you will need this for step #3
Step2
Plan out how much you can afford to set aside to pay down credit cards each month. For easy math let’s make it $200
Step3
Let’s say you have 4 credit cards. Take the minimum payment required for all of them and add them up. Let’s say that number is $120.
Step4
Only pay the minimum on everything EXCEPT for the credit card with the highest interest rate. Take the reminder of your budget and apply it to the card with the highest interest rate
Step5
Once the highest rate card is paid off, snowball the money you were paying down to the next highest card. This will help you get to being debt free in no time.
Step6
This method will allow you to pay off you debt the quickest. Others will tell you to pay off the smallest debts first, which is nice to see instant results, but you will pay more interest if you do not follow the steps above.
Step7
If you come accross money that was unexpected (inheritence, tax refund, bonuses) put it all onto your debt. This will make you get to your goals much quicker.
on 5/3/2008
I wrote an article about how you can potentially save $190 a month and apply it towards your debt. Even if you put $20 extra a month on your biggest debt, it will get paid off all the quicker.
pay off credit cards and get out of debt
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Desula said
on 5/3/2008 I wrote an article about how you can potentially save $190 a month and apply it towards your debt. Even if you put $20 extra a month on your biggest debt, it will get paid off all the quicker.