Any suggestions on how do I pay off my credit card debt?
There are actually a few different methods for paying off your credit card debt. First, there is the Snowball method, which has you pay off your lowest credit card debts first, so that you can get in the mental mindset of completing debt payments.
Secondly is the Avalanche method, which has you pay off the credit cards with the highest interest rates. This will allow you to pay less interest and is the most financially reasonable option.
Lastly is debt consolidation. If you can transfer your credit card debts to an account with 0% APR on balance transfers, you can forego interest payments for a certain period of time.
There are many ways to pay off your credit card debt. Aside from the snowball and avalanche methods that determine which debts you pay off first, you can also refinance your debt with a lower-interest loan. Balance transfers serve a similar purpose, as they have low intro APRs that give you time to pay off your credit card debt without having to pay interest. If you are facing hardships like job loss or medical problems, debt settlement is also an option.
For more information, check out this article.