17 Ways to Paying Off Your Credit Card Debt

Trying to pay off credit card debt is daunting if you carry significant balances, but it is possible. Paying off this debt entirely is challenging and will take work and time.

The next slides provide options for paying off your credit card balances, making room in your budget with extra savings, and improving your financial health.

Start paying for your purchases with cash, checks, or debit cards. Only use your credit cards once you have virtually no balance.

Take On No New Debt And Use Cash or Checking

Staying on top of your budget is essential to ensure you save more than you’re spending.

Focus on Debt Reduction Rather than Spending

Pay More Than The Minimum

Paying the required monthly minimum amount is usually set at a low percentage, or 1% to 5% of your balance, and doesn’t hurt or improve your credit score.

Snowball Method 

The snowball method prioritizes credit card debts from the smallest balance to the most significant, irrespective of the loan’s interest rate.

Avalanche Method

The Avalanche method prioritizes the highest interest rate first and lists all your card debt in that order rather than the smallest amount first.

Debt Consolidation

Debt consolidation loans allow you to combine higher-interest credit card balances into a lower-interest loan.

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