For many Americans, credit cards are a way of life. We have multiple cards, and we use them as much as possible. And that’s why many of us will find ourselves in the familiar position of having higher credit card debt spread across multiple cards.
What is the best way to begin to pay down your debt when you find yourself in this position?
This answer may sound like one of preference, with many different possible strategies. But although there are different ways to accomplish this goal, only one makes the most sense financially. That is to pay the minimum amount due on all cards every month, and devote the rest of your money to paying off the card with the highest interest rate.