How do you pay off credit card debt?

Question

ClearValue Editorial Team · Accepted Answer

Stop adding new charges, list every balance and rate, pick a payoff strategy (snowball or avalanche), and apply every extra dollar consistently. Many people also benefit from calling issuers to negotiate a lower rate or request a hardship plan. Card debt is expensive mainly because of compounding, so the path out is structural: stabilize the balance, attack it systematically, and cut the interest rate where you can. No plan works if the balance keeps growing, so move temporarily to cash or debit spending. Write down each card's balance, APR, and minimum — your statement's federally required disclosure shows how long payoff takes at the minimum, useful as motivation. Then pick a framework: the debt snowball (smallest balance first, for momentum) or the debt avalanche (highest APR first, for the lowest total interest), applying all extra cash to the target card while paying minimums elsewhere. A lower rate sends more of each payment to principal, so also call your issuer to ask for a reduction or, if you qualify, a hardship plan. The CFPB's debt-repayment tool can model both strategies for your specific balances.