I am paying off a number of credit cards, all with varying balances and interest rates. I'd like to give priority to the cards with the higher interest rates, as well as give priority to those cards with high balances.Can someone provide me with a formula, so that when l have money to make payments, l can divide the money up according to those priorities?Thanks!

Logically, u should pay the highest interest rate first. But emotionally, u get more charge out of paying off debt quickly, so paying off the smallest balance first makes more sense.

Call all of them & work out a payment plan & try to get ur interest lowered or stopped.

Then, make the minimum payments on every one of them. On the lowest dollar value, put all ur extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all ur debts r paid off.

You probably need to cut ur expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower ur electric bill, gas bill, water bill, etc. Do not eat at a restaurant until ur debts r under control. Take a sandwich for lunch. Cancel the gym membership.

Try to increase ur income by getting a second job. If u have a car with payments, get rid of it, & buy a good dependable used car for CASH.

Go to the library & get ''The Total Money Makeover''. Read it & follow it carefully.

Go check out Dave is website as well:
DaveRamsey.com

In fact, it is very simple.

Step 1. Pay the minimum on all accounts.
Step 2. Pay as much as you can on the max interest card.
Step 3. Repeat step 2 for the next max interest card, if you have any money left./