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Q:
I have $14,000 in credit card debt on four different cards. What do you think is my best bet?

I have $14,000 in credit card debt on four different cards. I just got a new job and am making more money. I want to pay off all my credit cards. What do you think is my best bet? -Renee

Renee,

There is really no wrong answer to your question. I consider any way you choose to pay down debt a good way! However, there are two popular methods that people use to tackle debt. One is to concentrate on paying off the debt with the smallest balance first (never forgetting to make required payments to all debts, of course!) After that balance is repaid, you can then apply that payment to the card with the next smallest balance and continue the process until all debts are satisfied. This method can be very rewarding because you see progress quickly. The other popular method is to first concentrate on repaying the debt with the highest interest rate. This method will save you the most in interest charges over time.

I am sure you will do well regardless of which method you choose.

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