Once you’ve actually written out a budgeting plan, it can be easy for it to fall off and for you to lose sight of your set goals. Making sure that you keep to your budget is key to paying off credit card debt. This Reddit post
explains how effective and crucial it is to keep your budget to avoid paying even more money overall.
“Make a plan to pay it off, and stick to it. Not just ‘I pay what I can each month.’ You can use this calculator
to figure out how much you need to pay each month to pay off the card in a given time frame. Assuming that you have a debt of $5K at 19% interest, and you want to pay it off in 1 year you need to make payments of $460 each month. That's going to cost you $529 in additional interest charges (ouch!) To pay it off in 6 months you'd need $880 per month, and you'll pay $280 in interest. At $252 per month it'll take 2 years and you'll pay more than $1,000 in interest charges.”