Credit card debt can cause a lot of stress and worry in someone's life. Unfortunately, it's too easy to spend money, but it's a whole different story when you have to pay off your credit cards.
If you've done research on how to get out of debt, you may have heard of the "snowball" method. This is a good way to deal with credit card debt that has worked for a lot of people.
The first step of the snowball method is to list all of your credit card balances, along with their interest rates and minimum payments.
Add up all of your monthly payments, including the minimum payments, and figure out how much extra you can pay toward your credit card balances.
Add this extra payment to the minimum payment for the card with the lowest balance. Do this every month until you've paid off your card.
When you pay off the first card, take the amount you were paying on it and add it to the minimum payment on the card with the lowest balance. Again, keep making this extra payment every month until you've paid off that card.
Do this each month for the card with the lowest balance until all of your credit cards are paid off. After you pay off a couple of credit cards, it's surprising how quickly the payments can add up (hence the name).
Some people like to pay off the cards with the highest interest rates first because it saves them more money in the long run. You can do it this way, but many people find it more motivating to see their cards paid off faster.
You can choose which method to use. The key is to stick to the plan every month until all your cards are paid off, and to resist the urge to use the cards once they are paid off.
