Secured credit cards, the basics
The most straightforward method is to pay a little extra each month. If you have a balance of $7,000 and a 14% interest rate, paying $150 per month will pay off your credit card in 68 months and cost you $10,200. Just $25 per month added to your payments will reduce the payoff time by over a year, to 54 months, and the final sum you will pay will be $9,450. That's $750 in savings. "If I had the money, I wouldn't have this credit card balance!" you say.