Yes, that’s easier said than done, but paying high-interest credit card debt can take years if you only make minimum payments.
For example, if you have a $5,000 balance on a credit card with 15 percent interest, paying the minimum will cost you $5,729 in interest over 266 months.
That’s even more than you paid for your purchases.
To find extra cash that you can direct to credit card payments, take a look at your budget. Consider cutting out your daily Starbucks (paying $5 per day over 52 weeks adds up to $1,300 a year), limiting your restaurant and other entertainment outings, and reviewing your cable and cell phone bills for ways to cut costs.
And if you get a tax refund or bonus, use it to clean off your card.
While you’re paying it down, just be sure that you don’t add to your balances.