The snowball method is the best way to pay down your debt. If you're sceptical and want to see how it will work, this spreadsheet will calculate exactly how long it will take to be debt free.
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Credit card minimum payments are designed to keep you in debt for a long time. The more you pay each month, obviously, the quicker you'll be debt-free. To put a timeline on it, check out this chart from Business Insider. It tells you how long it will take to pay off your debt, depending on how much you pay every month.
It's important to read the fine print with just about everything -- especially credit cards. Credit card companies use some pretty sneaky tactics to get you to sign up. They lure you with tempting offers that seem legit, but if you miss one iota of fine print, you're royally screwed. Here's what to watch out for, specifically, when you apply for a new credit card.
