Which method works best for paying off debt?

The best method for paying off credit card debt is to organize your credit card bills by the ones you owe the most money on and the ones that have the highest interest rates. Once you’ve got your bills together, pay off the bills that have the lowest balances first (this is the debt-snowball method you’ve heard about). If you have two bills with equally low debt and one has a higher interest rate, pay off the one with the higher interest rate first.

If you have two bills with equally low interest rates and you owe more on one than the other, pay off the one that has the lower balance first. For a bill that has a relatively low balance, you will pay more in interest charges over time if the interest rate is high than if you pay it off right away. From Wikipedia.com -quote The debt-snowball method of debt repayment is a form of debt management that is most often applied to repaying revolving credit — such as credit cards.

Under the method, extra cash is dedicated to paying debts with the smallest amount owed. -endquote There are two methods you can use to consolidate your credit cards. The first method some credit cards let you use is to transfer your debt from one credit card to another to pay all your debt off at the lower interest rate on the second card.

This is also known as a balance transfer. The other, less preferable method to consolidate your credit card debt is to use a credit counseling service. The best method for paying off credit card debt is to organize your credit card bills by the ones you owe the most money on and the ones that have the highest interest rates.

Once you’ve got your bills together, pay off the bills that have the lowest balances first (this is the debt-snowball method you’ve heard about). If you have two bills with equally low debt and one has a higher interest rate, pay off the one with the higher interest rate first. If you have two bills with equally low interest rates and you owe more on one than the other, pay off the one that has the lower balance first.

For a bill that has a relatively low balance, you will pay more in interest charges over time if the interest rate is high than if you pay it off right away. The debt-snowball method of debt repayment is a form of debt management that is most often applied to repaying revolving credit — such as credit cards. Under the method, extra cash is dedicated to paying debts with the smallest amount owed.

There are two methods you can use to consolidate your credit cards. The first method some credit cards let you use is to transfer your debt from one credit card to another to pay all your debt off at the lower interest rate on the second card. This is also known as a balance transfer.

The other, less preferable method to consolidate your credit card debt is to use a credit counseling service.