what is the best way to get out of credit card debt?
First, stop spending. This is really important. Decide that you aren’t going to buy anything else that you can’t pay cash for. Rip up your credit cards if you need to. Next, get a budget in place. This is probably the most time-consuming step, but you won’t know where all of your money goes until you get a budget and start tracking all of your expenses. Then start paying off your credit cards one at a time. Put a list together of all of your debt and the interest rate for each debt. Pay the minimum on all of your cards except for the card with the highest interest rate. Once it is paid off, use the money you normally paid on the first card and add it to your payment for the next card. For example, let’s say you have the following debts: Card A $1000 10.9% interest rate min payment $100 Card B $3000 6.9% interest rate min payment $200 Card C $1500 6.1% interest rate min payment $150 Let’s say you have $1000 that you can put toward credit card bills each month. Pay the minimum on card B
