When you have multiple credit cards with balances, a pay-down strategy can help you save money and stay motivated. 

One strategy is to make the largest payment on the card that's charging the highest interest rate and the minimum payments on the other cards. When the card with the highest rate is paid off, you then focus on the card with the next-highest rate. This payment strategy can save you the most money because you're tackling the most expensive debt first.

Another strategy involves paying the largest amount on the card with the smallest balance. You make the minimum payments on the remaining cards. Once the smallest balance is eliminated, you make a larger payment on the card with the next smallest balance and so on. While this strategy won't save you as much money, there's a psychological benefit to receiving fewer bills each month. "It will give you a lot of encouragement," says Ken Clark, a Certified Financial Planner and author of "The Complete Idiot's Guide to Getting Out of Debt."