I just wanted to vouch for the following plan :Take whatever cash you have saved and pay it to your highest interest rate card.Evaluate your expenses and get on a budget. Cut the dinners out in half, rent a movie instead of the movie theatre, anyway you can to find extra money to pay towards your highest rate card, refinance your car loan (highly recommend, freed $90 a month to put on my cards). Take a vacation at Porchville (stay home find things to do around where you live)Keep at it. When that cards paid off. Take the amount you were paying on that card and add it to the minimum payment on the next card) Example: you were paying $200 on the card you paid off and you have a minimum monthly of $80 on the next card. Pay $280 a month on the card. So on and so forth until you have no more credit cards. Now cancel all those cards except one or two for emergencies. And don't use them for anything but a true emergency . Start investing or work on that mortgage and car loans if you have them.I've paid 40% of my 20K+ credit card debt in about 18months, I should be credit card debt free in another 12-18 months. I get paid every two weeks so I live on two paychecks a month and get an extra check two months out of the year. Straight on the cards if possible.I chose to also invest while I do this (a little at a time). I've done well at beating the market and the rate on my cards (all 10% or less APR). Maybe not the best choice but it makes me feel good.So I personally vouch for it (learned it via Quicken, prints a chart to map your progress and helps you find some extra money).It really works and it feels great to watch these cards die off.BobIf you haven't checked out BuyandHold.com for dripping your money into the market, I highly recommend it.Fool On!
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