3 efficient methods to get rid of credit card debts

If your credit card debt is escalating rapidly everyday and you're unsure how to pay-off your debts, then it's the perfect time to get a credit card debt management program. These programs offer you easy to implement plans which can be implemented by anybody to eliminate credit card debt and start to accumulate some money.

The following are the three methods by which you can pay-off your credit card debts -

1. Debt snowball method: It is the method where the debtor pays off the accounts with the smaller balances first proceeding to the larger ones later. The basic steps of this method are -

• Commit to pay the minimum balance on every debt. Analyze how much more you can pay to the smallest debt.

• Pay the smallest debt alongwith the extra amount to the smallest debt until it is paid off and proceed to the second smallest debt.

• Add the payment of your last debt alongwith the minimum payment of this debt and pay it to the second debt.

• Continue this process untill all your debts are paid off.

2. Debt avalanche method: It is the method where the debtor pays off the accounts with the
highest interest rates proceeding to the lowest rates. The basic steps of this method are -

• Commit to pay the minimum balance on every debt. If you've an emergency fund, try to add all your unused income after paying your expenses to this debt.

• Continue paying this way till the debt is paid off and then proceed to the next highest debt.

• Continue this process untill all your debts are paid off.

3. Debt snowflake method: This method is similar to the Snowball method. The only
addition is that you need to save small earnings and make a little extra payment, after
making the minimum payment to each account. You can earn extra money by doing extra
jobs, online business, etc.


In order to get out of debt, you can follow any of these three credit card debt management program mentioned above, after choosing the one that will suit you the best.