(See also: Should You Use Peer-to-Peer Lending to Pay Down Credit Card Debt?) Once you've paid one credit card off, it may be tempting to pocket what you would normally spend on that bill every month.
Tips for consolidating credit card debt
Do you have credit card debt that you want to pay off quickly? In fact, more than 45% of Americans currently have a credit card balance, and according to Ben Woolsey, director of marketing and consumer research for Credit Cards.com, the average amount of debt per household is $15,956.
Millions of Americans in their late 20s and early 30s will be outlived by their credit card debt, so it's time to take charge now.
Lower rates can mean lower monthly payments and fees, so every payment will pay off more of the principal.
If you have good credit or you've been offered a lower rate by a competing credit card, make sure to mention that to the customer service rep.
The easiest and fastest way to eliminate credit card debt is to stop using your credit cards.
Plan to pay in cash and you will automatically spend less.
If you have credit card debt, then there are several simple steps you can take to eliminate it in less time.
Invest extra cash you have every month into paying off your highest interest rate card, while still paying the minimums on your others.
Make a spreadsheet detailing which cards you have, how much debt you have on each, and their interest rates.