How to Pay Off Credit Card Debt: From Least to Most Extreme

Experian, one of the three major credit bureaus, reports that the average credit card balance in 2021 was $5,525. That might seem like a steep hill to climb – especially if your debt sits well above average – but it is possible to pay it off.

Let’s start with the basics, and if the first methods aren’t raunchy enough to reign in your dues, there are more radical options.

Make a list of your credit cards with the lowest to highest balances. Make larger payments to the card with the smallest balance while still making the minimum payments on your other cards.

The Snowball Method

This method can be beneficial when paying off debt quickly but could ultimately be more expensive if you have cards with high-interest rates.

The Avalanche Method

Start by paying off the cards with higher interest rates, then work your way down. Doing this helps limit the amount of interest you accrue on your debts.

Make Multiple Payments Each Month

You can spread it out by paying when your paycheck comes in. Instead of only making the minimum monthly payment, make two.

Call Your Creditors

While this won’t decrease your bill right away, it’ll make your payments more manageable. Interest can eat away at your monthly payments, shrinking the dent you make in your debt.

Speak to a Credit Counselor

If your budget doesn’t have room for your debts, they can enroll you in a debt management program that won’t hurt your credit score.

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