How do I determine which credit card to pay off first? Should it be the one with the least balance and work my way to all others? Facing credit card debt can be overwhelming, but I want to pay them all off.
Suze: Add up all your minimum payments that are due. Add 20% to that figure. So, let's say you owe $300 a month for the minimum payment due for all your credit cards — 20% of that is $60. You are to pay the minimum payment due this month every month from now on, even if the min. payment due next month is less. You are to add that $60 to the highest interest rate card you are paying. When that card is paid off, you take that entire amount plus that $60 and you add it to the second highest interest rate card that you are currently paying. Keep rolling down like that. In my new online course, it will show you exactly how to do it. So, make sure you download it now!
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
