... share the good feeling seeing as many cards payed off as possible which flies in the face of paying the largest balance and highest interest. It is almost like trying to break a habit and little steps feel so good, provide a warm fuzzy and encourage us to do more...

I say knock out the small balances first too. This was you can make larger payments to the highest balance later.

Julienne, creditors have tightened their belts in the lending department so if you expect to use the cards after paying them down because you don't have savings to fall back on, then hold off on paying your cards. Credit card companies (ccc) jump on the chance to chase the balance (lower total available credit close to outstanding balance) on a credit card that's being paid off and don't give you any breathing room. You have to take that into consideration.

Also, it is recommended that you pay off your debt starting with the account with the highest interest rate. While that's true, it doesn't work for me. I want to pay off my Chase card which has the lowest balance when compared to the other cards I'm carrying a balance on. When you try to tackle the cards with the lowest balances first, you will feel like you're making progress which will encourage you to pay off the rest of your cards. However, if you plan to start paying your debt on the cards with highest balances, you will feel as though you're not making any progress since it's taking a long time to have it paid off and it will discourage you from paying off the rest of your cards. That's just my two cents.

Julienne, first thing is to have a budget. Make a list of all your creditors and what is owed, obviously bills such as electric, gas, water, phone, etc, fluctuate, but I'm sure you have an idea of what they run every month.

As far as credit cards go, some prioritize by paying the cards which have the highest debt, some pay based on highest APR. Then again, cards with the highest APR might have the smallest amount owed.

If at all possible pay more than the minimum, stop using the cards unless absolutely needed, pay consistently, and once you zero out all your cards, then manage them where you only have to use one, maybe two when needed.

As with any budget Julienne, pay yourself first, your savings is just as important as paying down your personal debt.

Sorry, I'm embarassed to post them here.

Only thing with Mint.com is they'll push "Ways to Save." Don't let them assist you in applying for new credit cards, rather, do your own research with the help of Finance Globe for say. Do you mind posting the APR's on your cards? We could possibly assist you in some ways with just those. I can already tell you if you have a card higher than 12.00% then go for a credit union card, I just opened one with a 9.5% APR (I'm 19 with 1.5 years history...). However, if your situation calls for not applying then let it be. We understand if you have too many inquiries, bad reflects, etc.

Oh my, never be afraid to post anything in here because we strive to help those who have questions. If you really feel that much uncomfortable, here are some links to provide information of what strategy members here has used.

1. Snowballing https://www.financeglobe.com/SocialNet/forum/showthread.php?t=784&highlight=debt

2. Debt-Get-Out-It https://www.financeglobe.com/SocialNet/forum/showthread.php?t=550&highlight=debt

3. Need help with old debt https://www.financeglobe.com/SocialNet/forum/showthread.php?t=759&highlight=debt

4. Freedom from Debt https://www.financeglobe.com/Finance/Articles/articles/122/1/Freedom-from-Debt/Page1.html

5. Intro to Debt Consolidation https://www.financeglobe.com/Finance/Articles/articles/12/1/Intro-to-Debt-Consolidation/Page1.html

6. Entire Credit Card Debt Articles https://www.financeglobe.com/Finance/Articles/categories/Credit-and-Debt/

Hope this helps!

Ps, if you have Excel, take a look at the link that Wildrage provided.

Do you mind posting your cards with balances? We will be able to give you a detailed plan of action.

Sorry, I'm embarassed to post them here. : I'll just try to use mint.com that Joeyman has suggested.

Also try using some finance software, I like Mint.com. However Mint does not support my credit union, I still use it. Mint will generate graphs, budgets, spending trends, transaction history, and ways to save. The site is entirely free, they make money by people clicking links for credit card apps or quotes. As of September, Intuit (makers of Quicken products) now owns it.

Nice website! I'll check on this and see if it works for me. thanks!

Also try using some finance software, I like Mint.com. However Mint does not support my credit union, I still use it. Mint will generate graphs, budgets, spending trends, transaction history, and ways to save. The site is entirely free, they make money by people clicking links for credit card apps or quotes. As of September, Intuit (makers of Quicken products) now owns it.

Do you mind posting your cards with balances? We will be able to give you a detailed plan of action.

What's the best strategy to pay off debts? I'm planning to zero out all my credit card payments, but I need advice on how to effectively carry out this plan. Anyone?

5/20/2009

Meya, I do not have any formulas in any of the cells. I just basically print it and input the info from my stmt and pymt info..

I do have other sheets under the same file that computers the utilization percentage for each card and total util for all the cards. Also showing how much I have to pay total to get to ideal 35%... Its similar to the one wildrage put.

Ok thanks! I think you both did a great job!

Meya, I do not have any formulas in any of the cells. I just basically print it and input the info from my stmt and pymt info..

I do have other sheets under the same file that computers the utilization percentage for each card and total util for all the cards. Also showing how much I have to pay total to get to ideal 35%... Its similar to the one wildrage put.

Hi Rivas glo, just had a quick question, are you using formulas in your cells or are you just keeping track of your expenses? I see that wildrage provided an example that consists of formulas which is good because that is what i use, but yours is very similar to mines, so I was just wondering so that I can make some changes to the one I currently have.