Before we go on, do you know how much credit card debt you are currently facing? Answering this question is as simple as looking at your last statement. Of course, you have to add up the balances on all of your cards – if you have more than one. Now that we are squared away on that, you need to answer this question: how much are you paying on your credit card balance each month? This may not sound like an important question, but in all actuality it has a lot to do with many aspects of your finances.

Many people believe that paying the minimum is the best idea. In other words, they only pay what is required of them by their credit card company. While this is a good idea if you are strapped for cash, if you can afford to pay more you should always do so. When you pay at least the minimum you are keeping your account in good standing. That being said, you are prolonging the payoff process due to interest that will accumulate month after month.

In a perfect world you will payoff your credit card balance no matter what it may be. If you never carry a balance you are never charged interest – this is something that should excite you. Why would you want to pay more money than necessary?

If you don’t know how much you are paying on your credit card balance now is the time to take a close look at what you owe and what you can afford as you move forward. Pay as much as possible each month if you want to see your balance disappear quickly.

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