How to Reduce Credit Card Debt by Paying the Highest Balance Card First

By Adam Tijerina

You can read a dozen books on how to get out of debt and find a dozen different ways to do it. The authors all have good intentions and want to see you out of debt as soon as possible. Today, I wanted to talk to you about how you can reduce your credit card debt by paying the highest balance card first.

With the highest balance method, you write down all your debts and put them in descending order from highest to lowest. You make minimum payments to every card except the highest balance one. With this one, you apply all available monies to this card until it is paid off. You do not worry about what the interest rates are on your cards with this method.

Then after the first card is paid off you take the next highest balance and apply all your payments to this one until it is paid off and keep making minimum payments on all other cards. You keep doing this until all your debts are paid off and you are debt free.

With this method, it will take you a while to see progress. It will take a lot of financial discipline to stick with this method. Because the rewards you gain will take longer to receive. But when you are able to knock out one credit card, that will be a significant portion of your total debt.

You can accelerate your progress by taking on a second job or doing freelance work from home to increase your income seeking more money to get rid of debt. There are plenty of free resources available to help you get started making money online with a low investment.

With the highest balance card first method, you can reduce your credit card debts in big chunks but it does take a while to see progress. If you have the financial discipline to stick to your plan and then you may want to try this debt elimination plan.

To learn how you can reduce your debt [http://www.howtoreducecreditcarddebt.com/] even faster visit [http://www.howtoreducecreditcarddebt.com/] today. You'll learn about the best methods to eliminate all your debt in as little as 2 years. Find out what to do if you are having trouble paying your bills on time.

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