How Long Will It Take To Pay Off My Credit Card?
When it comes to paying off credit card debt, we recommend the debt snowball method.
The debt snowball teaches you to pay off your credit card debt—and all debt—in order of the smallest balance to the largest.
- List your credit card debt from smallest to largest payoff balance. Don’t worry about interest rates.
- Make minimum payments on all credit cards except the smallest. Attack the smallest card with everything you have.
- Pay off the smallest credit card.
- Close the account and dance around your living room. Party music is optional.
- Take the money you were paying on the smallest credit card and roll it into paying off the next smallest balance.
- Pay off that second credit card.
- Close the account. Dance and cheer around your living room, because you’re beginning to take control of your money. Turn the club music up loud this time, because your neighbors probably need to know what you’re doing so they can pay off their cards too.
- Repeat this method until you pay off the very last credit card!
To find out how long it will actually take to pay off your credit cards. Click here: Credit Card Payoff Calculator