Being in credit card debt can be stressful, but it’s not a life sentence. There are actually several proven strategies you can use to get out of debt faster than you might think.
Credit card debt has a way of feeling permanent. Between rising interest rates and the psychological weight of watching a balance barely budge each month, it’s easy to feel like you’ll be stuck with the debt forever. But the truth is, most people who get out of credit card debt don’t do it through some secret trick. Instead, they do it by picking a strategy that fits their situation and sticking with it.
The right approach for you depends on factors like how much you owe, how many cards you’re juggling and how quickly you want to be debt-free. Options range from balance transfer cards that pause interest for a set period, to structured payoff methods like the debt snowball and debt avalanche, to more hands-on solutions like debt consolidation loans or working with a credit counselor.
Ahead, we’ll break down each of these options and how they work. By the end of this article, you’ll have a sense of what actionable plan you want to use to reduce your debt and, hopefully, feel a lot less stressed about it.
The avalanche method is simple: You pay off your highest-interest debts first, working your way down the list to lower-interest debts. While paying off the highest-interest debt, you continue to make minimum payments on the rest of your credit cards or loans to stay in good standing with your creditors.
