Although the pain is intense and the situation seems bleak, there is a way out. It won’t be an overnight exit door, but it’s one you can walk through steadily to get to your eventual freedom. It took us about three years to eliminate our credit card debt. Here’s how.

Decide which credit cards to pay off first

Optimally, the one with the smallest debt will have the highest interest rate. It’s important to tackle the highest interest rate cards first as they’re the ones you’ll be getting charged the most money for the debt on it. 

Set up automatic payments

We set up the automatic payments of the minimum amount + a little extra. You’ll work out the extra you can afford by doing your budget and finding ways to cut back on your lifestyle expenses. 

Pay down large chunks

You’ve got to slice off massive chunks of that debt to pay them off faster and with less interest. It was a given that any extra money that found it’s way to us, it was put on the debt. 

Find the cards with the best interest rates

You might be able to consolidate all your debt onto the one card with a better interest rate. You might even get a personal loan that has a much lower interest rate. 

Transfer the debt to cards with no interest terms

Removing any interest payments in the interim gave us a healthy boost of happy vibes. This confidence helped to bring in the means to take the sucker down and we wiped it out completely. 

What about when the debt is paid down?

If you have a solid income stream, and your expenses are covered, you can use credit card again BUT never to buy anything you can’t afford.