1. Money
You can opt-out at any time. Please refer to our privacy policy for contact information.

What's the Fastest Way to Pay Off My Credit Cards?

By

Question: What's the Fastest Way to Pay Off My Credit Cards?
Answer: The quickest way to pay off your credit cards is to pay the balances in full. If you have the money available, you can make an online payment on your credit card accounts and completely wipe out your credit card debt as quickly as today.

But, not many of us have that kind of cash available. If you don't have the money to pay off all your credit cards, you can begin putting all your extra money toward your debt. That includes things like monetary gifts and income tax refunds. You'll pay off your debt sooner than you would if you spent the money on something else.

Comparing debt pay off methods, like the highest interest rate balance method verus the "debt snowball" method of paying lowest balance first, you'll pay off your debt a little sooner when you pay your highest interest rate balance first. You'll also pay less interest when you pay the highest rate debt off. So there's a double benefit in using that method.

©2014 About.com. All rights reserved.