These days, credit card debt is easy to accumulate. With inflation hitting record highs and prices of almost everything rising, many of us use credit cards to afford essentials such as food, housing and utilities.

According to Federal Reserve Bank of New York data, borrowers owe more than $1.3 trillion in credit card debt. Consumers carry about four credit cards in their wallets, and the average balance is around $8,000.

Most Americans hold at least some personal debt, but carrying credit card debt packs the most brutal punch and is the most crippling to your finances. With the average credit card rate slightly above 21 percent, minimum payments will not cover more than the interest, causing your balance to spiral out of control quickly.

While debt piles up for various reasons, the result is the same — monthly payments and interest become a burden, leading to stress and financial anxiety.

While you can’t wave a magic wand and make your debt disappear, paying off your credit card obligations can be easier than you think. You need to develop a plan that works for your unique debt situation (the debt amount, credit history, motivation) and stick with it.

Here are strategies you can implement to bid your debt goodbye quickly.

1. Assess Your Debts

Draft a comprehensive list of all your debts, including the outstanding balance, interest rate and minimum monthly payment.

2. Don’t Create More Debt

The last thing you want to do is accumulate more debt. Stop using your credit cards for everyday purchases and use cash instead. Remove the card from your wallet and delete your credentials from online stores. Resist opening new credit cards or taking out new loans during this period.

3. Know What You Spend

Understanding your spending is critical to reducing debt. Track your expenses for one month to see how you spend your money and identify expenses you can cut to free up more money to repay your debt.

4. Stick to a Budget

Most people who create a budget say it helps eliminate or prevent debt.

Craft a budget that prioritizes debt repayment against your essential spending needs. Reserve a significant portion of your income towards debt repayment, aiming for more than the minimum payments. A budget helps you avoid unnecessary expenses. Some budgeting methods include:

  • 50/30/20 budget: Divide your income into three categories, putting 50 percent for required needs, 30 percent for wants and 20 percent for debt repayment and savings.
  • Zero-based budget: Account for every dollar earned, including savings and debt payments. By month-end, your income minus expenses must equal zero.
  • Envelope budget: Divide your spending into “virtual envelopes” or categories for your essential needs. Allocating money each month to reduce unnecessary spending will help.

A budget only works when you adhere to it. Ensure your budget is designed for you to succeed.

5. Pay More than the Minimum

To reduce your debt and save on interest, you may need to pay more than the minimum on your balance each month.

6. Prioritize Your Debts

You can choose between two debt repayment methods: snowball or avalanche. Either way, you will still make minimum payments on your other balances but allocate more money to your priority debt.

  • The Snowball Method recommends paying off the smallest debts first. This method provides easy goals to achieve and a motivation boost. Once you repay the first low-balance debt, pay the same amount to the next lowest debt.

Pro: Repayment may seem less overwhelming when you see progress sooner and have fewer outstanding balances.

Con: It doesn’t consider the interest rate. You may pay more in interest if your enormous debts have the highest rates.

  • The Avalanche Method focuses on tackling the highest-interest debt first to minimize the interest you accrue.

Pro: Save on interest

Con: Repaying your debt will take much longer if your account with the highest interest rate carries the larger balance.

The good news is that research shows either method is effective; it just depends on your goals and personality. Select the tactic most likely to motivate you as you tackle your debt.

7. Transfer Your Balance

If you have a high credit score, a balance transfer credit card with a 0 percent introductory APR helps you consolidate high-interest debt and pay it down faster. Promotional periods typically range from 12 to 24 months, and you must transfer balances within a certain period after opening the account.

Pro: You can avoid paying interest by paying off your balance before the introductory period ends. The limited time to repay the balance is motivating.

Con: Some cards charge fees to transfer balances. If you fail to repay your balance before the introductory rate ends, you will be subject to interest rates as high as or higher than those on your current credit card.

8. Tap into Your Home’s Equity

If you own a house or condo, you can obtain a home equity loan to repay your credit card debt.

Pro: The mortgage rate is much lower than your card’s interest rate, so you can allocate the money you save on interest to pay off your debt faster.

Con: A home equity loan is risky because if you fall behind on your loan payments, the lender could foreclose on your home and lose the property.

9. Consolidate Debt

Combine your credit card balances using funds from a personal loan specifically for debt consolidation, and make one monthly payment.

Pro: Credit card rates are usually higher than rates for personal loans. Consolidating your debts into one loan simplifies your finances.

Con: You must meet specific requirements to qualify for a debt consolidation loan. If you have a less-than-stellar credit history, lenders may not approve the total amount you need, and you’ll still need to make multiple payments. Some personal loans carry an origination fee.

10. Redirect Extra Funds

Receiving unexpected income, such as tax refunds or bonuses, may tempt you to splurge on something fun, like a new phone or a vacation. Resist the urge and use the windfall to pay off your debt faster.

11. Keep Track and Automate

Take advantage of online bill payments to stay on top of your debt. Schedule automatic payments to ensure you don’t miss a payment and create more debt. Set up payment reminders and receive your bills electronically.

12. Stay Committed and Motivated

Eliminating debt is a marathon, not a sprint. Set realistic goals and celebrate the milestones you achieve with a small reward to remain focused and motivated. Treat yourself to a small reward when you conquer a debt.

Sherry is a writer, editor, and podcast producer with experience creating impactful content for the financial, technology, and healthcare industries. She previously held senior communications and program management roles at several Fortune 500 financial services companies.

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