Getting rid of credit card debt

IT'S A PROBLEM FACED BY OVER 40 PERCENT OF ADULTS BO: SO, WHAT ARE THE BEST WAYS TO KILL OFF YOUR CREDIT CARD DEBT? WATE, 6 ON YOUR SIDE CONSUMER REPORTER DON DARE SAYS THERE'S A LESS EXPENSIVE WAY, AND THEN THERE'S THE WAY THAT WORKS FOR YOU

THE TWO MAY NOT BE THE SAME AMERICAN DEBT IS CLIMBING AGAIN, ESPECIALLY CREDIT CARD DEBT, WHILE PEOPLE HAVE A HARD TIME DEALING WITH DEBT, THEY ALSO HAVE A HARD TIME TALKING ABOUT IT A POLL BY CREDITCARDSCOM FOUND THAT AMERICANS WOULD RATHER DISCUSS THEIR SALARY, WEIGHT, POLITICS OR RELIGION WITH A STRANGER, BUT ONLY 15 PERCENT WOULD LIKELY REVEAL THEIR VISA BALANCE IT'S A VERY TABOO SUBJECT

AND IF PEOPLE CAN'T TALK ABOUT DEBT, MAYBE THAT'S WHY RESEARCH SHOWS MOST OF US TAKE THE WRONG APPROACH TO PAYING IT BACK THERE ARE A COUPLE OF APPROACHES THAT CAN WORK ONE IS MORE COST- EFFECTIVE, AS I'LL EXPLAIN, BUT BOTH APPROACHES REQUIRE ONE COMMON ELEMENT: MOTIVATION IF YOU AREN'T GOING TO MAKE CONSISTENTLY PAYING DOWN DEBT A PRIORITY, YOU LOSE OUT REGARDLESS OF STRATEGY ONE STRATEGY IS TO PRIORITIZING HIGH-INTEREST ACCOUNTS IN OPTION NUMBER ONE, YOU MAKE JUST THE MINIMUM PAYMENT ON EVERY DEBT EXCEPT THE ONE WITH THE HIGHEST INTEREST RATE, WHICH IS THE ONE COSTING YOU THE MOST MONEY OVER TIME

FOR THAT DEBT, YOU THROW WHATEVER AMOUNT YOU CAN REGULARLY AFFORD BEYOND THE MINIMUM AT THAT DEBT UNTIL IT'S PAID OFF THE OBVIOUS ADVANTAGE TO THIS MODEL IS YOU SAVE THE MOST MONEY POSSIBLE OVER THE LONG TERM THE DOWNSIDE: PROGRESS MAY APPEAR TO BE SLOWER THAN IT ACTUALLY IS HAVING A LARGE NUMBER OF DEBTS MAY FEEL MORE STRESSFUL EVEN THOUGH YOU'RE PAYING DOWN THE DEBTS IN THE MOST EFFECTIVE WAY TO ELIMINATE THEM NOW LET'S CONSIDER OPTION NUMBER TWO: PAYING OFF LOW BALANCES FIRST

HERE YOUR FOCUS IS ON THE SMALLEST DEBTS, ALLOWING YOU TO KNOCK ACCOUNTS OFF THE LIST FASTER THE ADVANTAGE? HAVING FEWER ACCOUNTS TO JUGGLE FEELS GOOD SOME PEOPLE NEED TO SEE THAT KIND OF ACCOMPLISHMENT TO STAY MOTIVATED RESEARCH OUT OF TEXAS A&M UNIVERSITY INDICATED THAT PAYING OFF LOW BALANCES FIRST, HAVING THOSE "SMALL VICTORIES," MAY HELP BUILD MOTIVATION, ALTHOUGH THE SUBJECT NEEDS MORE STUDY, THE RESEARCHERS SAY SO, WHAT'S BEST FOR YOU? WE ALL HAVE DIFFERENT SITUATIONS, WITH A NUMBER OF DEBTS OF VARYING SIZES AND INTEREST RATES, AND WITH DIFFERENT INCOME LEVELS

PLUG YOUR SPECIFIC NUMBERS IN AND SEE HOW MUCH MONEY YOU LOSE BY FLIPPING BETWEEN THE TWO METHODS, THAT CAN HELP YOU DECIDE DON DARE, WATE, 6 ON YOUR SIDE LORI: IF YOU HAVE A CONSUMER QUESTION FOR DON — SEND HIM AN EMAIL AT D-DARE AT W-A-T-E DOT COM OR CALL HIS SIX ON YOUR SIDE HOTLINE NUMBER AT 865- 633-5974 BO: