Pay Down Your Consumer Debt

A card holder should put as much as he can toward this high rate card while continuing to make the minimum payments on his other cards, otherwise he'll default, which could affect his standing with all of his accounts. When the balance of the card with the highest rate is paid off, he should move on to the card with the next highest rate, but still keep paying the same monthly amount. As a card is paid off, more of the payment can go to paying down the next card until the debt is erased.

Once that point is reached, a consumer should consider limiting himself to one, low-interest rate card and cancel the others. That way, he'll avoid getting back in the same predicament again.