Are you looking for ways to pay off your credit cards and get out of debt? If so, you aren’t alone. The average American adult has four credit cards and an outstanding balance of $6,200.

Credit card debt can cause unwanted stress and anxiety in your life, but it doesn’t have to be that way. By setting a plan of attack for yourself, you can pay off your balances and get out of debt.

Read on to learn about effective and responsible strategies for paying off credit card debt.

Focus on One Debt at a Time

If you’ve got a balance on more than one credit card, it’s important for you to focus on paying off one debt at a time. If you try to pay down the debt on more than one credit card, you risk feeling overwhelmed and spreading your finances too thin.

Paying off one debt at a time will also help you feel a sense of accomplishment as you get out of debt. When you have more than one outstanding credit card balance, you should begin paying off the one with the highest balance and interest rate first.

You may also want to consider opening a balance transfer credit card. Look for one without a transfer fee and a zero percent interest rate. This will allow you to consolidate your debt to focus on paying off one card.

Set a Budget

Arguably the best strategy for paying off credit card debt is setting a realistic budget for yourself. Start by making a list of all your monthly sources of income and the amounts of each one.

Then make a list of your necessities and your other expenses. The necessities are the things you must have to live each month. This includes costs like your housing, food, transportation, and utility bills. Other expenses should include non-essential things like cable, memberships, and subscriptions.

As you make your list, ask yourself if there is anything that you can do without. If the answer is ‘yes’, the money you save on those bills can be used towards paying off credit cards.

Pay More Than the Minimum Payment

One of the ways to pay off credit card debt faster is to make more than the minimum payment due each month. Credit card companies typically require minimum payments that are far lower than the actual balance on your card.

While it may feel good to make the minimum payment, it’s not an effective strategy to get out of debt. That’s because these payments may be only a small percentage of your balance. The rest of the balance will be charged interest that will be added to your principal amount.

Interest rates vary depending on your credit card but these added amounts can keep you in a debt longer. Look at the minimum payment on each credit card and determine what you can afford to pay above and beyond that amount.

How to Get Out of Debt Made Easier!

While many Americans are uncertain about how to get out of debt, the truth is that almost anyone can do it with discipline and hard work. Sometimes it is beneficial to speak to a credit counselor to learn about your options.

A Debt Coach is a non-profit credit counseling agency with a team of certified credit counselors ready to help you. Our experienced staff will work together with you to develop a financial plan that works for your unique situation.

Contact us to learn more about how our services can help you climb out of credit card debt. Reach out today. A Debt Coach Credit Counseling Service can help!