Start with the borrowing cost
Credit-card annual percentage rates (APRs) describe borrowing costs, but the interest you actually owe depends on account terms, timing and the balance used in the calculation. Many card issuers calculate interest daily, so dividing an APR by 12 gives only a rough illustration.
Illustration, not a statement
A $5,000 balance at a 24% APR has roughly $100 in first-month interest if we simplify the rate to 2% per month and ignore fees, new spending and daily accrual. Actual charges can differ. If a $100 payment only covers interest, the principal may not decline.
Compare payoff approaches
A common comparison is the avalanche method: meet required payments on all debts and direct extra money toward the highest interest rate. The snowball method targets the smallest balance first. The avalanche approach often reduces interest under comparable assumptions; motivation and your circumstances also matter.
Keep other essentials in view
Consider housing and essential expenses, emergency savings, minimum payments, and any eligible employer match or special debt terms. Contact a lender or a reputable credit counselor if payments are difficult; avoid firms that demand improper upfront fees or promise guaranteed fixes.