A proven strategy to pay off credit card debt

Many of us struggle with credit card debt. We are confused about which balance to pay first. They are torn apart between paying off credit card with the lowest balance, highest interest rate and highest balance. If you have multiple credit cards and trying to get ahead paying off credit card debt, here are some interesting points to consider.

First understand some of the realities. If you are carrying too much credit card debt, let’s say balances equal to half or more of your annual earnings, do not expect to pay off it immediately. If you are faced with a similar situation, you need to start with a credit counseling service first.

If you carry a manageable credit card debt load, keep in mind you need to pay the minimum required payment on all credit cards in order to prevent going into debt collection. Pay the minimum required on lower rate credit cards. You should concentrate on paying off the card balance with the highest interest rate first. So, add as much as possible to those payments while maintaining the minimum required payment on others. Avoid the temptation to pay the smallest balance first in order to avoid paying more on interest.