I had four cards with balances under $500, one with a $3000 balance and the highest interest rate, and another card with around $1500 no interest until 9 months later. After setting up my budget (and taking all of my credit cards out of my wallet so I would not use them), I decided that I could pay an extra $350 a month towards the credit card bills (All the minimum payments had already been accounted for in my budget).
The first thing I did was plan out the payment of the NO interest credit card. I set the balance as being paid off a full month before the no interest period ended. For some reason it appealed to me not paying that company any interest even though I would have paid less interest in the long run had I paid this one last. so, to make it simple I put 1-9 into a spreadsheet column representing the months. Then I put $0 next to the 8 and then $350 next to the seven, $700 next to the six. etc until I hit $1500. on month 4 the total was $1400. therefore, for months 1 and 2 I could put the $350 a month to any other debts and I had an additional $250 on month 3 because I had to pay $100 to the no interest card that month.
I was able to pay off three of the four smaller cards in those first few months before tackling the no interest card. I preferred this method not only because of the psychological benefits, but I also had three less bills to worry about paying. After the no interest card was paid off, the final small balance card was paid off the next month and I was down to one credit card payment. After that, I paid off the $3000 balance credit card.
To me the stress level decreased the fewer bills I had to worry about. That is the main reason I choose this method instead of paying off the highest interest rate cards first as many suggest. if I had it all to do over again, I would not have run up any credit card debt to begin with. now, I only use my credit card to make online transaction for security purposes and I pay them off as soon as I receive whatever it was I ordered and approve of the product condition.
How I Paid Off My Credit Card Debt
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If you buy online you may be asked for the address your credit card bills are sent to, to help prove that you are the card's owner. The store won't send you anything other than the product (and some junk mail), but if you used a credit card you'll get a bill from the bank for the money you borrowed.