Paying off credit card debt can feel overwhelming, but these two strategies can help you tackle it systematically:
- Snowball Method:
- How it works: Pay off the smallest balance first while making minimum payments on others.
- Why it works: Quick wins boost motivation.
- Avalanche Method:
- How it works: Focus on the debt with the highest interest rate first (saves more money long-term).
- Why it works: Mathematically efficient, but requires patience.
Bonus tip: Negotiate lower interest rates with creditors or consolidate debt with a personal loan to simplify payments. Pick the method that aligns with your personality—progress is progress!