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First, you have to stop any new spending on your cards.
Second - you'll need to examine all of your spending. You'll need to know how much extra money you'll be able to put towards paying off your cards.
Credit card companies generally determine the minimum payment to be 2 - 2.5% of the outstanding balance. So if you owe $1,000, for example, your minimum payment will be 20 - $25 per month.
Some part of that $25 goes to the interest on the balance, some to pay off the actual balance. How much goes where depends on the interest rate. Your credit card statement will give you the exact numbers.
Let's say that $20 of the $25 goes to the actual balance. To pay off $1,000 at $20 per month will take 50 months. Just over four years. You'll also have paid $250 in interest alone.
Here's how you pay them off:
Look at the interest rates on all your credit cards. Take the one with the highest rate. That's the one you're going to work on first and we'll call it card #1.
After examining your spending you may have found some money to put towards your payments. All of this extra money to pay off your card debt goes to this one card. The idea is to pay as much extra to card #1 as you can. Until it's paid off.
Pay the minimum balances on all the other cards until card #1 is done.
Then take the card with the next highest interest rate and add to its payment the total of the payment you were making to card #1. In other words, send the regular monthly payment you used to send for card #1, plus any additional amounts that you used to pay on card #1, plus the monthly minimum for card #2- all to card #2. Do this until card #2 is done.
Then take the total you were paying to cards #1 and #2 and add that to the payment on card #3, and so on.
Here's an example:
Let's say you have four, maxed out, credit cards. Each with a balance of $5,000 ($20,000 total.)
Say the minimum payment on each card is $100 (yours may be different) making your monthly minimum payment total $400.
Now let's say you have $500 per month to pay these off, which you found through analyzing all your spending.
Card #1 has the highest interest rate and you'll send $200 per month to that card and pay the minimums ($100) on each of the others.
And you're not adding any new spending.
The extra $100 you're sending in to card #1 goes to the actual balance of the card, not the interest. This will let you pay that card off a lot faster. You might be able to kill this card in two years, instead of 5.
Eventually, card #1 is dead. The entire payment, $200, that you were making to card #1 gets added to the payment on card #2, for $300 total. ($100 minimum plus the extra $200 from card #1.)
The balance on card #2 will be less than $5,000 since you've been making your minimum payments all along. Adding the $200 from card #1 to the payment of $100 that you've been making to card #2 will make this card go away much faster than the first card did.
When card #2 is gone you take the $300 per month that you were paying to #1 and #2 and add it to the payment on #3, which will now be $400/month.
When #3 is done you repeat the procedure for card #4, but now you're sending the whole $500/month to that one card.
Obviously this system will take years, but at the end of that time you have:
* Four dead cards (hopefully you cut most of them up,)
* Spending and budgeting discipline earned from going through the whole process, and
* $500/month to put into a savings account or where ever.
Good luck!
Diabetes can be a life-threatening disease if you don't know how to cure it early. In this article I will tell you about six easy steps to get rid of diabetes forever. Hopefully, after reading this article, you will understand the big danger that diabetes patients are in as well as find a way out of that danger.
1.Learn about diabetes: Knowledge is the best medicine. Learning about the disease is half the battle won. If you learn a little about diabetes, it will help you a long way towards curing it. There is a lot of free information on diabetes available all over the internet. Just browse them and in no time you will see that you have got hold of some easy remedies.
2.Ask your doctor: I am sure you are already visiting a doctor. If not, why not? Your doctor can give you the best advice as far as diabetes is concerned. You just need to ask him. Ask him what is the best way to cure diabetes. Tell him about the kind of things you have tried in order to cure diabetes and whether they have worked for you or not. Based on your family history and health, your doctor should be able to find out the perfect solution for you!
3.Proper diet: Eating a balanced diet is the first step towards curing diabetes. You should bid goodbye to junk foods and starch, and focus on real foods, such as fruits and vegetables. These foods will go a long way in helping you get rid of diabetes quickly!
4.Exercise: Along with having a proper diet, you should exercise regularly. If nothing else, then swim, jog or walk regularly. You should ideally walk for 30-45 minutes per day, if not more. You can also do various simple exercises in your home. No need to visit a gym for this purpose, although a gym does provide you with an ideal environment for exercising.
5.Understand the symptoms: Are you able to know when your blood sugar level goes up or when it goes down? Well, it is easy to predict whether you are suffering from high blood sugar or low blood sugar if you know the symptoms that prelude the disease. For example, if you are suffering from anxiety, anger or frustration, then you maybe suffering from high blood pressure. On the other hand, if you are feeling confused, unfocussed or unable to concentrate on anything, then you are suffering from low blood sugar. Once you understand the symptoms, it becomes easy to prevent diabetes.
6.Medication routine: lastly, you should religiously follow the medication routine given to you by your doctor. Your best bet is to stick these medication instructions at a place where you are able to notice it every hour and everyday.
Diabetes doesn't mean the end of life. It can be easily controlled, if you are willing to follow the rules. I would suggest that you also join a diabetes membership site or a diabetes support group. This would help you keep focused on your health and you will be able to recover from diabetes faster.