Eliminating Credit Card Debt

June 29, 2009
By
Macy's Gold Card IMG_2059
Creative Commons License photo credit: stevendepolo

The first step to eliminating your credit card debt is to know exactly how much you owe and what your minimum monthly payment is.  Take all of your monthly statements and a calculator and lay them out on the table in front of you.  The amount that you get will probably be hard to swallow, but you need to know in order to reduce your credit card debt.  Once you calculate how much you owe and your minimum monthly payment for everything, determine which credit card has the highest APR.  The card with the highest APR will gain interest fees the fastest, so that has to be paid first.  Reduce your payment on the lower interest cards if you need to have more money to attack the high APR cards.

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