When you’re ready to eliminate your credit card debt, you can take one of two approaches: pay off the card with the highest balance first, which allows you to save on interest in the long-run, or pay off the smallest balance first, which makes you feel good about your progress.

Choose your preferred method and then follow these steps to wipe out your credit card debt:

  1. List all your credit card debtors in order of the highest-interest-rate first or the smallest balance first, whichever you feel may be most effective.

  2. List the current balances on each of these accounts.

  3. List the minimum required monthly payment for each account.

  4. Total the minimum required monthly payments.

  5. Apply any surplus funds toward your highest-interest-rate debt or the debts with the smallest balances.