One of the most effective ways to pay off debt is by using a process called the “Debt Snowball”.
The concept is very simple
Pay minimums on all your non-mortgage debt and take any extra money you can squeeze out of your budget and apply it to the debt with the smallest balance. Doing this will allow you to knock one of your debts off your list very quickly.
The next step
Take the amount of money you were paying on that smallest debt (the minimum and any extra) and apply that to the next smallest debt (along with that debts minimum) until you knock that one off.
Every time you pay off a debt
Each time you pay off a debt you have more money to apply to the next smallest debt on your debt snowball list. Taking the minimum payments from those debts you already eliminated and applying it to the next smallest debt’s minimum payment will allow you to greatly reduce the balance of a $10-a-month bill or $1,000 balance. Each time you knock one off, it picks up more snow!