This method is often referred to as the "snowball method" or the "credit crunch". Whatever you decide to call it is fine but following these easy steps can help you eliminate your debt quickly and easily.

1. List all of your credit cards, including the balance, the interest rate, and the minimum payment percentage and the minimum payment according to your latest statement. The minimum payment percentage can usually be found in the small print on your credit card statement or your cardholder agreement, and is usually between 2 and 2 1/2 percent of your balance.
2. Rearrange your list so the credit card with the highest interest rate is at the top and the credit card with the lowest interest rate is at the bottom.
3. Decide how much money you can come up with each month, in addition to the total minimum payments on all your credit cards, this will be what you apply to your credit card debt. If you do not believe you can afford to pay any additional amounts over the minimum payment that means that it is time to do a budget and find ways to cut your expenses. Financial experts agree that everyone can find at least a small amount to apply to their debt.
4. Each month, you will pay the minimum balance on each credit card except the one with the highest interest rate. On the credit card with the highest interest rate, you will pay the minimum balance plus the additional amount you have identified to reduce your credit card debt each month. You will need to continue to do this until the first credit card (the one with the highest interest rate) is paid off entirely. Then take the amount you were paying on that credit card (which is now paid off) plus the amount of the minimum balance on the second credit card, and apply the total amount to the second credit card each month until the balance is paid off, at the same time continuing to pay the minimum balance on all the other credit cards. Continue with this process until all credit card debts are paid off.

Here are some additional tips from money managers: Some financial experts recommend paying off the credit cards with the lowest balances first, rather than working on those with the highest interest rate. Many other experts will disagree with that approach because although it might make you feel better to see the number of credit cards with balances decline, that good feeling costs you money. Keep in mind that balances with higher interest rates accumulate interest costs more quickly, meaning you pay more to the credit card company in interest and less in actually paying down the principal amount that you owe. In addition to help you save some money while paying off your credit card debt many money managers recommend calling every one of your credit card companies and request a lower interest rate. This will help in your pay down plan since lowering interest rates mean you can eliminate your credit card debt more quickly without increasing your payments. If your credit card companies are not willing to reduce your interest rate, than go ahead and shop around for a new card with a favorable rate that will allow you to transfer your balance. Just be sure to do your homework carefully to make sure you can pay off the balance before the introductory rate offer expires.