Quick Tip on Paying Down Credit Card Debt

Paying just the minimum payments on all your credit cards means that it will take you years to pay off the balance....5, 10, sometimes 20 years! If you look at your monthly credit card statements, it will tell you how long it will take to pay off the debt just making minimum payments. For those of you trying to pay down your credit card debt, here are some quick helpful tips to help you pay them off as quickly as possible.

First, you need to write down your balances on each card along with the interest rate being charged on each debt. This will allow you to come up with a plan of attack to pay your credit cards off quicker.

Now, instead of paying cards randomly, you need to start paying just the minimum payments on your lowest interest rate debt and apply the most money you can to the debt with the highest interest rate. This will help you tackle your debt faster because you are paying down the most expensive debt first.

After you pay that debt off, move to the next highest debt and repeat until your debt is paid off completely.