Ignoring debt won’t make it disappear. Interest rates are compounding at the rate of 20% per month, every month. Wishing won’t make it go away, but you can start to make a dent in it by following one or more of the steps given here. Read a little further to find out more.

Pay more than the minimum, always! Usually the minimum is two or three percent of the balance, and only paying enough to get by is what the banks want. The longer you take to pay a debt, the more interest they squeeze out of you. The best thing to do is to pay as much as you can afford, and if that amount is twice the minimum, then that’s great. Paying more than the minimum might require a little sacrifice, but it will be worth it in the end.

When you’re examining all your credit cards, look at the one with the lowest rate. If you haven’t maxed it out, consider transferring a high-interest balance to that card. If the balance is too big to fit on one card, try to pay the minimum on all your cards but one. Concentrate on paying THAT one off, then work your way on to the next one. This way is sometimes called “snowballing”.

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