While it can seem as if you will never get things straightened out, you will! This article discusses important tips and one of the most effective ways of paying off credit card debts after a divorce.
First, Gather Each of Your Credit Card Statements
The first thing you need to do is gather the most current credit card statements you have. Grab a notebook so that you can make notes. Find out which one of your cards has the highest balance. You also want to know which one has the highest APR or Annual Percentage Rate. When you find the one with the highest APR and payment, list it on your paper first. Continue down the line, with the last credit card being the one with the lowest APR and balance. Beside each credit card, list the balance due and the minimum payment amount.
Now, Start Getting Rid of Your Debt
Now that you have established the highest interest rate cards, your job is to pay them off starting with the highest interest rate. Pay more than the minimum payment on the first card - in fact, pay all you can afford to pay without neglecting the other minimum payments. This will help you get the highest interest card paid off first. Once you have that card paid off, you can remove it from the list, cut the card into pieces (optional) and then move onto the next card on your list. By using this method, you will effectively cut through your credit card debt.
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