You have decided that the mounting debt in your credit cards is getting unwieldy and you have made a commitment to yourself and your credit report to payoff those credit cards and get your debt under control.  Here is a guide to make this happen.

Step 1:  Gather all your credit card statements together.  (If you don't know all the cards you have, send away for your annual free credit report to see what is your responsibility.

Step 2: Make a list with the following columns of all your cards: Name, Amount owed, Amount you have been paying each month, Minimum payment, Interest Rate.  (If you do this on an electronic spreadsheet you will be able to reorder them easily)

Step 3: Order the list from highest interest rate to lowest. 

Step 4: Subtract the amount you have been paying on each card from the minimum amount owed. 

Step 5: Add the difference you computed in Step 4 to the highest interest rate card until that card has been payed off - Don't forget to make the minimum monthly payments on the other cards.

Step 6: Once the first card has been paid off, apply that amount to the card with the next highest interest rate.

Step 7: Repeat steps 5 and 6 until all your cards have been paid off.

Step 8:  Put all the high interest rate cards into an empty coffee can, fill it with water and stick it in the freezer.  When you think you need to buy some extravagant item - you will have to wait until the can has thawed before getting it.

Congratulations!  You have paid off your credit cards and can now apply that money to your savings or investment account

When you have paid off a credit card - DO NOT CLOSE the account!  This will take down your available credit and actually hurt your score.