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What is the most effective way to pay off your credit card debt?

This question has been debated many times both online and off and the answer is simply this:  The most effective way to pay off your credit card debt is the one that you will stay committed to until the job is done.  That having been said, let's take a look at your options.

1. Paying the minimum amount due on all of your credit cards.  We put this here as an option only to illustrate the difference between it and the rest.  We do not advise this method as it will take you somewhere in the neighborhood of 25 years to pay off your credit cards.  YIKES!
    
2. Paying the minimum balance due on all of your credit cards EXCEPT the one with the lowest balance.  In this case you will apply a set extra amount to the payment of your card with the lowest balance every month until it is paid off.  Once it has been paid off you will apply the entire amount that you have been paying (including the extra amount) toward the card with the next lowest balance.  You repeat this process until all of your debt has been paid off.  The theory behind this method is that by paying off the smallest debt first, you will feel like you are getting out of debt quickly.  This is the way to go if you need to see results quickly in order to stay motivated.
    
3. Paying the minimum balance due on all of your credit cards EXCEPT the one with the highest interest rate.  In this case you will apply a set extra amount to the payment of your card with the highest interest rate every month until it is paid off.  Once it has been paid off you will apply the entire amount that you have been paying (including the extra amount) toward the card with the next highest interest rate.  The theory behind this method is that by paying off the high interest cards first your debt will go down faster because you are decreasing the balance that costs you the most in interest each month.  This would be the way to go if knowing your payments are making the biggest difference is what will keep you motivated.
    
4. Getting a home equity loan and using it to pay off your credit cards.  Debt consolidation using your home equity simply changes your unsecured credit card debt into debt that is secured by your house.  The advantage is that you will have set loan terms that are usually way better than credit card rates and the interest on a home equity loan is most always tax deductible.  The disadvantage is that if you fail to make the payments on your home equity loan, you will lose your house.  Also, there is an overwhelming temptation to start using all of your - now empty - credit cards.  This would be the way to go if you are certain you can refrain from racking up your credit card balances again.
    
5. Enrolling in a debt management plan through a credit counselor.  This is another form of debt consolidation.  With a debt management plan you make a single payment each month to a credit counseling agency that will then pay each of your credit card accounts according to new terms they negotiate with your creditors.  The amount of time this takes depends largely on what arrangements your credit counselor is able to make with your credit card companies. This would be the way to go if you are unable to do anything else on your own and a professional credit counselor advises you that this option is best for you.  To learn more about credit counseling, see this article: Credit Counseling

All of the above methods assume that you have stopped using your credit cards.  No matter which method you choose, changing the habits that allowed your debt to get out of control is vital to your success.