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Step 1: Know What You Owe

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Before you can make a plan, you need clarity.

Make a list of:

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• All your credit cards

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• Current balances

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• Interest rates (APR)

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• Minimum monthly payments

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Understanding the full picture helps you figure out which cards are costing you the most—and where your money can make the biggest difference.

 

Strategy 1: The Avalanche Method

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If you're motivated by math and want to save the most on interest, the avalanche method is for you.

Here’s how it works:

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• Pay the minimum on all your cards

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• Put any extra money toward the card with the highest interest rate first

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• Once that card is paid off, move to the next highest rate

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This method minimizes how much interest you’ll pay overall—and gets you out of debt faster.

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Strategy 2: The Snowball Method

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If you’re motivated by quick wins and progress you can feel, try the snowball method.

Here’s how it works:

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• Pay the minimum on all your cards

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• Put any extra money toward the card with the smallest balance

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• Once that’s paid off, roll that money into the next smallest balance

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This method builds confidence and momentum—especially if your balances feel overwhelming.

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Strategy 3: Balance Transfer Credit Cards

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A balance transfer credit card lets you move your high-interest debt to a card with 0% interest for a promotional period (usually 6 to 18 months). This can save you hundreds—if not thousands—in interest, and help you pay off the debt faster.

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Just be sure to:

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• Watch for transfer fees (typically 1–3%)

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• Pay off the balance before the promo ends

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• Avoid making new purchases on the card

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Explore our Best 0% APR Credit Cards to find one that fits your timeline and credit profile.

 

Strategy 4: Personal Loan or Line of Credit

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Consolidating your credit card balances with a personal loan or line of credit can give you:

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• A lower, fixed interest rate

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• A structured repayment timeline

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• Just one monthly payment to manage

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Look for low-interest options at your bank or credit union. In some cases, online lenders can offer competitive rates if you have decent credit.

 

Strategy 5: Use Extra Income Strategically

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Any lump sum you receive—like a tax refund, bonus, or side hustle income—can be a powerful tool to pay off debt faster.

Use it to:

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• Knock down one entire card

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• Boost your avalanche or snowball payments

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• Avoid falling behind during tight months

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Consistency is key. Even an extra $50–$100 per month can make a real dent over time.

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Strategy 6: Get Help if You Need It

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If your debt feels unmanageable, you’re not alone. There are professionals who can help.

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• A non-profit credit counsellor can help you build a personalized debt management plan

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• A Licensed Insolvency Trustee (LIT) can walk you through formal options like consumer proposals

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Explore our Professional Help section to connect with trusted resources.

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Avoid Going Back Into Debt

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Once you’ve paid off your credit card debt, protect your progress:

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• Build an emergency fund (start with $500–$1,000)

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• Use cash back or low-interest cards responsibly

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• Only charge what you can pay in full each month

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Check out our Best Cash Back Cards, Student Credit Cards, and Credit Cards for Bad Credit to find tools that support your financial goals—not sabotage them.

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Paying off credit card debt isn't easy, but it is doable. Choose the strategy that fits your mindset, take it one month at a time, and remember: progress beats perfection.

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