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<<Although it would be tight for the first few months, I am willing to stick with this until I see the mountain of debt disappear. Does anyone have a better solution?>>


Here is my solution to get out of my CC debt (still working on it, but in the home stretch):

First, sort all of your credit cards by interest rate. For example: 1-19.8%, 2-18.9%, 3-17.9%, etc. If two cards have the same rate, rank the one with the larger balance first. For example: 1-$5000, 19.8%, 2-$2000, 19.8%, etc.

Second, Make the minimum payments on all of your cards except for card #1. But don't fall into the CC trap of paying a lower payment each month; keep it constant. Then pay as much as you can afford onto card #1; this is your most expensive card, so you want to pay if off first. So using the 3 cards in my first example in step 1, it might look like this: 1-19.8%, pay $500, 2-18.9%, pay $100, 3-17.9%, pay $75.

Third, When card #1 is paid off, take the monthly payment and add it to card #2. The two remaining cards would look like this: 1-paid, 2-18.9%, pay $600, 3-17.9%, pay $75.

Fourth, keep doing this until all of your cards are paid off.

This is probably the quickest way to do this. I am in a situation right now where I am sending $1500 a month to one card. Needless to say, that $6000 balance will be gone soon! (Thank goodness!) Then I can add the $1500 to the $200 on my other card and be gone with it by the end of the year. THEN I WILL BE CC DEBT FREE!!! YIPEE!!

Good luck! I've been fighting mine for 10 years and just started getting a handle on them in the last 3 years, so I know what you are going through.

David (But I'm not) Boring

P.S. Just imagine what that $1700 a month could do with stocks if it weren't going towards CC. Even more sickening, it is just about my wife's take-home pay each month, so guess how she feels about that. ;)
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