Reduce your DEBT
Now it’s time to start chipping away at those balances. Develop a strategy and make it happen, using the following tips:
Sort it out-
Make a list of each credit card you have, its existing balance, minimum payment and interest rate.
Develop a plan-
Pay as much money as you can on your card with the highest interest rate, while paying the minimum on the other cards. This additional payment on the high-rate card will help to pay off the principal faster.
Build a debt rollover plan-
Once your highest interest rate card is payed off, take the same amount you’ve been paying on that card and add it to the maximum payment on the card with the next highest interest rate. Continue to pay the minimum on the remaining accounts, repeating the process until you are debt-free.
Have a back-up-
Keep one low-interest card is a safe place for emergencies, but maintain a zero monthly balance at all times by paying it off when due.