We have become a country that likes and relies on our credit cards and this is not always what is best for our financial stability. But all this can be changed if you are motivated to pay off credit card debt and move forward with your life. It is no secret that things seem to stand still when you have debt especially if it is overwhelming. Eliminating it is your only solution to relieving the stress that will accompany debt.
There is a little bit of indecision as to which debt you should concentrate on first. Some people say that you should concentrate the smallest debt first and others say it should be the account with the highest interest rate. My thought is that if you need the feeling of accomplishment to stay motivated, it should be the smallest debt first because it can be paid off the quickest. If you are looking for the way that will save you the most money, it should be the debt with the highest interest rate.
Getting started is more important that which account you start with. So, pick one and begin the process of paying off your debt. The account you have selected will be your target account and will be the one that you will concentrate on paying down aggressively. You will make minimum payments on all other accounts. Paying your target account off aggressively means putting everything you can into making the payment each month on your target account.
Find ways to come up with extra money. Sell things that you are not using or do not need. Some people trade a large car payment on a fancy vehicle for debt freedom. Others will take a hobby or a skill and sell it to make extra money. There is a lot you can do and make extra money. Once your target account is paid off, pick a new target account and repeat the process. Your payment should be equal or more than the amount of the account that was just paid off plus the minimum payment that was being paid previously on your new target account.
This is the process that will be followed until all of your accounts are paid off. If you cannot do it in 3 years you may want to consider talking to a credit counseling company. They can get your interest rates reduced to about 10% in most cases, but your accounts will be closed at the completion of the program. Paying off credit card debt will give you your life back and allow you to move forward to realize your dreams!