How to clear your credit cards

If your savings are accessible (you won't incur a penalty for withdrawing the money), earning interest at a lower rate than your credit card debt and you don't need the money for anything else; it makes sense to use as much of them as possible to clear your credit cards.

Even if you aren't able to pay off your credit cards completely, reducing the balance will mean that you'll be one step closer. What's more, once the debt is smaller, less interest will be added so more of your money will be able to go to paying off the rest rather than paying the lender.

Once you decide to use your savings to pay off, or pay down your credit cards you just need to decide how much and which card you'll target first. Generally the most expensive ones (those with the highest interest) should be first on your hit list.