How to Pay off your credit card FASTER

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By CorporateCliimr
User-Submitted Article

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Pay off your credit card FASTER

Ever pay your minimum every month for your credit cards and still get into more debt. Find out a simple plan to help you pay your credit cards faster.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

patience
money
credit card bills

Step 1

take all your credit card bills and line them up so you can see what you owe.
Step 2

now line them up in order of importance to you. It could be either the ones with the highest interest, the highest limit, the highest amount, etc..
Step 3

Each month we usually designate a set amount to pay our bills and pay slightly over the minimum on some and the minimum on others (which is what alot of people do and it further puts you in debt!!). Instead, take your most important bill and but the most of that set amount to that one bill and pay the minimum on the others. Continue this until that one bill is paid off and then move on to the second most important. Still continue with that set amount. This time the second credit card will be paid even faster since most of the amount form the first one is now moved to the second one
Step 4

Example:
set amount per month - $500
citi: minimum is $50, amount on card $800
Chase: minimum is $100, amount on card $2500
mastercard: minimum is $80, amount on card $2000

Month 1:
set amount per month - $500
citi: $320, amount on card $480
Chase: $100, amount on card $2400
mastercard: $80, amount on card $1920

Month 2:
set amount per month - $500
citi: $320, amount on card $160
Chase: $100, amount on card $2300
mastercard: $80, amount on card $1840

Month 3:
set amount per month - $500
citi: $160, amount on card $0
Chase: $260, amount on card $2040
mastercard: $80, amount on card $1760

Month 4:
set amount per month - $500
Chase: $420, amount on card $1620
mastercard: $80, amount on card $1680

and so on until you are debt free!!!