My Basic Method To Rid My Credit Card Debts

Before I even think of making any money online to supplement my efforts in clearing my debt, the most basic method I will be using is through my regular salary. I am fortunate enough to still have a job and a portion of what I earn each month will have to go back to paying off my credit card and credit line bills. This method is something I heard of from a friend who cleared his own credit card debt using it, and I believe it can help with my own efforts.

What I did before this:

- List down each of my credit cards' outstanding amounts in a spreadsheet to be kept track of
- List them in order of the highest amount

And this will be my fundamental method each month:

1) I pay off each credit card bill's minimum monthly amount
2) Starting with the credit card with the lowest total amount owed, I will pay off this credit card monthly with the very first minimum amount used, until the whole credit card is paid off.

For e.g. if the first minimum amount of the credit card with the lowest total amount is $100, I will continue to pay $100 each subsequent month for this card, until the whole total is cleared, even if the monthly minimum continues to become lower.

3) Once this first credit card is totally paid off, I will now add the monthly amount paid from this card to the monthly minimum amount of the card with the next lowest total amount owed. And then repeat this monthly payment until this whole credit card is paid off.

For e.g. after paying off the first card, I will add the $100 to the monthly minimum (e.g. $150) of the next card with the lowest total amount owed. The new monthly minimum to be paid for this second card would then be $250 flat until the whole card is paid off.

4) I will repeat this cycle for each card until all cards are paid off.

Now, you may ask - this process will take time, considering that minimum amounts were created by the credit card companies to fleece you of more money. Yes it is true, but considering that I don't have that big a monthly salary, this would have to do for now. On top of that, I am aiming to shorten the length of time required to pay off the massive debt, by doing the following:

• Save on other areas in my life and expenses and use the savings to pay off outstanding amounts
• Try my best to make some money online and whatever revenue I generate will go to paying off my debts

In subsequent posts, I will explore the methods I can try to make some money online to help clear my debts, and also how I will try to save on other areas of my life and expenses. I am no expert on how to make any money online, so any insights and thoughts are welcome!