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How to Pay Off Credit Card Debt

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From Quick Guide: Debt Elimination Guide

Summary: There are a couple of ways to pay off credit card debt, including getting a consolidation loan, making more than the minimum payment and starting by paying off the cards with the higher interest rate. Consolidate all bills into one at a lower interest rate with help from a business analyst in this free video on financial planning and debt management.

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By Terry Kuykendall
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Terry Kuykendall is currently a budget analyst for the military in Washington. She is an accountant who has worked at firms helping people deal with personal and business debt.read more

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Video Transcript

"There are a couple ways to pay off credit card debt. One is a consolidation loan. A consolidation loan will get, will get all your bills into one loan. At a lower interest rate. Therefore, giving you the ability to pay them off faster. Another way would be to not just make your minimum payment due on your credit card each month. Take your higher interest ones, first. And start paying them off, with bigger amounts first. The higher interest rate is going to save you money by getting those cards paid off, first. and then, work your way down to the lower interest rate cards. And as you pay off the credit card. That's going to enable you to have more money to pay towards those other cards. And therefore, getting you out of debt. So once again, the best way to get out of debt. Two ways, consolidation loan. Consolidating all those bills into one at a lower interest rate, in a lower payment. And two, starting with your highest interest rate loans or credit cards. And paying as much as you can on those. And the minimum on the others. And work your way down the list. Until you've got them all paid off."

eHow Article: How to Pay Off Credit Card Debt

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