Dave Ramsey's Debt Snowball

If you have credit card debt, you will want to discharge it as quickly as possible.  Dave Ramsey's "Debt Snowball" plan is the best one I know to accomplish this.  The strategy is to list all of your consumer debts and the minimum payment for each - car, Sears, Pennys, etc. (not house payment).  Start with the one with the lowest balance (not interest rate) and throw everything you can against that bill until it is paid off.  You must keep on paying minimums on all of the other bills.  When you have paid off #1, then take the minimum payment for it and add it to the next lowest bill's minimum payment.  You will pay #2 off much quicker.  After #2 is finished, add #1 and #2 to #3's minimum payment each month until it is paid off too.  Continue dragging all of the minimum payments from #1, #2 and #3 to #4, etc.  By now the payment will be considerable and will bring down #4 quickly.  That is the meaning of "snow ball" - it gets larger with each attack.  You may be looking at 18 - 24 months to pay everything off, but think how long it would have taken you by paying only minimum payments and having the finance charge each month continually increase your bottom line.  IT'S A GREAT STRATEGY - be sure to use it ... make yourself use it.  You'll be glad you did.  Oh, and by the way - stop charging on credit.  Pay cash or wait until you can.