Rob Drury, executive director of the Association of Christian Financial Advisors, says a lot of people find they make progress when they implement a "debt snowball" plan to pay off debt.
In a debt snowball, people budget a certain amount each month to pay off debt. They pay the minimum balance on each credit card, excepts for the one with the lowest balance, where they pay off as much as they can afford in their monthly budget.
"Once that account is paid off, move on to the next smallest, and so on. This is so that one is motivated by the rapid initial progress, making it easier to maintain that momentum," Drury said. "Others suggest concentrating on the highest interest rate account, the 'debt avalanche' method, because this makes a greater mathematical impact. Mathematically, the difference is usually relatively minimal."
Drury said: "Bottom line: Do whichever works and feels the best, and don't quit until the debt is gone."