Top 6 Strategies To Pay Off Credit Card Debt


Credit card debt is such a heinous sin. It all starts from the low introductory APR from your credit card issuers. It’s a special offer, especially with the gleaming credit line. No wonder it is so tempting. 

However, the introductory APR eventually expires. When this happens, you might end up having an overwhelming pile of debt. Before this goes down, learn to manage your credit card account the right way. 

Revolving debt is stupendous because the credit card interest rates are exorbitant. It might take you forever, you pay off your balance, especially if you only make the minimum payment monthly. 

Nevertheless, it took you long enough to realize what you’ve done wrong. It’s not the end of the world yet. We got solutions for you. Here are the top 6 strategies to pay off credit card debt. 

Avalanche Method

The debt avalanche method is the most common way to pay off multiple credit cards. It helps reduce the amount of interest you need to pay. It utilizes the debt elimination strategy or debt stacking. You pay off accounts in order. Start with the highest interest rate to the lowest. 

Step 1 

Pay the minimum on all of your accounts.

Step 2

Allot extra funds toward the account with the highest interest rate. 

Step 3

As soon as you paid off the debt with the highest interest, start paying the account next to it. Stick to this strategy until you pay off all your debts. 

Once you pay off an account, you’ll have extra money each month. Put it toward your next debt. Since your obligations are according to interest rate, you’ll pay less overall. Thus, recover from your debt faster. 

The Avalanche method takes time, but the results are worth it if you gain your momentum.


  • The satisfaction of seeing your highest interest rates vanish. 
  • You pay less interest if you get out of your debt quickly. 


  • It takes longer to see the progress of credit card debt management. 

Snowball Method

The Snowball method works on your debt differently from debt avalanche. It starts from the smallest balance to the largest. 

People prefer this method since it includes a series of small successes at the beginning. It serves as your motivation to pay forward. 

Step 1 

Settle the minimum payment on all of your accounts. 

Step 2

Budget extra money toward the account with the smallest balance. 

Step 3

When you paid off the smallest debt, take the money you were putting on it to the next smallest debt. Stick to this strategy until you pay off all your debts. 


  • See the progress as quickly as possible. 
  • Debt snowball improves credit score positively. 


  • You might end up paying more over time since you’re not taking interest rates into account. 

Balance Transfers

This option works by transferring your credit card balance to a different card from the name itself. It is practical, especially if you move a balance with a high-interest rate to a card with a lower interest rate. It’s like paying to offer one credit card with another card. 

The Avalanche method and lower-rate balance transfer fit well together. Opting for this method reduces the interest rate on your high-interest rate strategically. You can focus on the next-highest interest account. Thus, lowering your total interest. 


  • Often, a balance transfer credit card has a 0% APR for an introductory period. Usually, 6-18 months. 
  • Pay off immediately to avoid incurring extra interest charges. 


  • Pay for the balance transfer fee. 

Personal Loan

Outright credit card payment is the smartest financial strategy. However, it is not applicable if you’re down with too much credit card debt. Even the debt avalanche method has no match for it. Try an alternative approach by applying for a low-rate personal loan like the loans from lucky plaza money lenders. Just make sure you read money lender reviews.


  • A personal loan helps your credit score by consolidating credit card debt. It is the best solution, especially if you don’t have existing installment loans. 
  • A low-rate personal loan lessens overload. It reduces your payments each month, making your debts more manageable. 
  • A personal loan saves you money. Loan interest rates are lower than your credit card interest rates. If you apply for a low-interest loan, you pay less money overall. 


  • Risky if you don’t follow the loan contract. Understand the terms to avoid worsening your financial situation. 

Debt Settlement

Debt settlement is the best option for two types of people – already past-due on credit card payments and can make one-time large settlement payments to creditors. 

This method is more about negotiation. Credit card companies and collection agencies must agree to accept your partial payment first instead of the full balance. Generally, it works for people undergoing hardships like job loss and medical problems. However, not all creditors are considerate.


  • You can pay 50% or less of the original balance. 
  • You can settle debts on your own. Hire a professional debt settlement company if needed. 


  • Paying the taxes on the forgiven amount is necessary. 


If there’s nowhere to run and you’ve reached your limits, bankruptcy is your last resort. It can also be your fresh start. But choosing this method has a grave consequence – devastate your credit score. That’s why you shouldn’t take it lightly. 

Before you opt into bankruptcy, know that it has two types. First, you need to surrender some of your property. Second, you can keep your property. So choose wisely which credit card debt management you would prefer. 

Furthermore, make sure to seek credit counseling before proceeding with this method. 


  • The best fall back to your credit card debt dilemma. 


  • It is a long, expensive process with an attorney and court filing fees included. 
  • Bankruptcy drags down your credit score incredulously. 

Don’t panic when dealing with credit card debts. Relax and take a deep breath. Always remember, you are not alone. Someone else is like you – trapped in spiraling card debts. That’s why there are six strategies to pay off credit card debt. Pick what you think is the best for you. Don’t forget to ask for help from professionals.