How To Manage Personal Debt?

How do I efficiently manage my debt? Should I put everything on one credit card?

• We have about 25k in credit card debt from a self funded home remodel. We did the remodel a year ago (having no debt) now we realized it was dumb to put some much on the credit ...show more

• Answer:

  Not much details on your situation, so I am going to give you general guidelines to pay off debts. Of course you still need to pay other bills, so the first thing is go thru your budget and all NECESSARY monthly expenses, such as rent, utilities, groceries, and gasoline (for commuting to work, and etc.). I think the phone bill can keep it to the minimum as cable and wireless internet. So how much do you still have left to pay your credit card bills? Enough to cover ALL minimum payments on EACH credit cards? If so, that is good, but you will have to cut down more monthly expenses from your daily life to have more "free" money to pay your HIGHEST interest rate credit card. So pay the minimums on rest of the credit cards, but do PAY MORE than MINIMUMS ON THE HIGHEST INTEREST RATE, untill pay this one off, move on to the next highest interest rate, and so on...good luck!