Pennsylvania Credit Card Debt Consolidation
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How to Pay Off Your Credit Card Debt
By Greg Mee
This method is simple, but requires some discipline.
First, you have to stop any new spending on your cards.
Second - you'll need to examine all of your spending. You'll need to know how much extra money you'll be able to put towards paying off your cards.
Credit card companies generally determine the minimum payment to be 2 - 2.5% of the outstanding balance. So if you owe $1,000, for example, your minimum payment will be 20 - $25 per month.
Some part of that $25 goes to the interest on the balance, some to pay off the actual balance. How much goes where depends on the interest rate. Your credit card statement will give you the exact numbers.
Let's say th...
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