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Paying Off Your Credit Cards and Other Bills

If you maintain a balance on your credit cards you are probably

paying hundreds of dollars a year in interest. This is money

that could be put to better use.

There is a simple method of paying off credit cards that doesn’t

require too much extra money each month. This method is called

payment snowballing. While your biggest gain will be from paying

By snowballing your payment you start paying off credit cards

and adding the money you were paying on the paid off credit card

to the next one. This is one of the quickest ways to eliminate

I have developed a simple form to help with this process. At

this point you may want to look at a sample payoff schedule at You enter the

name of the credit card, amount you owe and your actual payment

on the form. You can see a printable copy of “Snowballing Your

Credit Card Payment Schedule” at You may enter your

figures on this form before you print it. It is best to list the

There are two schools

of thought about which way is best. Many

experts believe that paying the credit cards with the highest

interest first is best. You then go to the credit card with the

next highest interest and so on. Personally, I believe people

need to see results quickly. I recommend paying off the credit

card with the lowest balance first and then go to the next

lowest balance, etc. Whether you start with the highest interest

rate credit card or the one with the lowest balance it will

ultimately achieve the same results.

Your next step is to determine how much you can afford to pay

toward eliminating the debt. Since you are already making at

least the minimum payment, you can start by adding the minimum

payments for all of your credit cards. Then check your budget

(See The Complete and Bill Organizer to setup a simple budget.

It’s FREE. to see

if you can afford to add any money to your minimum payments. At

the bottom of the payoff schedule you will find a table to help

Your next step is to establish your scheduled payments for each

Category: Credit

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