What is the best way to pay down credit card debt?
Credit card debt can sometimes get a chokehold on your finances before you realize it, and there will come a time when you decide it is time to take action and free yourself of debt. Paying off credit cards can seem overwhelming, especially with the high interest rates on some accounts. Organizing your debt and analyzing your specific situation will give you a clearer picture of how to best pay down those balances.Budget Your Debt EliminationMake a plan to eliminate your credit card debt. Make a personal budget, tracking where your money goes by keeping records of your income and expenses by category. Figure out where you can cut spending and get more cash freed up to pay toward your credit card balances. Write down the details of each credit card from your expenses column. Then rank them from highest balance to lowest and add the current interest rate you are being charged on the accounts. Once you have this information in front of you, you can decide which payoff method best suits yo
