I have credit card debt on 8 different cards
With different rates and different balances. Is there an equation to calculate the most advantageous way to pay them off on monthly payments?
Just follow Dave’s Debt Snowball. Arrange your debts from lowest balance to highest. Pay all you can on the first one, and make minimum payments on all the rest. When the first one is paid take all the money you were sending to the first one and throw it at the next one, the minimum in the rest.
Generally, smallest balance to largest. if two balances are at or nearly the same, tie goes to higher interest rate