How to Pay Off Credit Card Debt Fast

The Credit Card Debt Problem

Credit card debt is expensive. With average APRs of 18-24%, a $5,000 balance can cost you $1,000+ per year in interest alone. Making minimum payments? You'll be paying for 15+ years.

But here's the good news: you can get out of credit card debt. This guide shows you exactly how.

Step 1: Stop Adding to the Debt

This is the most important step. If you're trying to pay off debt while still using your cards, you're running in place.

• Put your cards away — not in your wallet
• Remove saved cards from online accounts (Amazon, food delivery, etc.)
• Switch to debit or cash for daily spending
• Don't close accounts (hurts credit score), just stop using them

Step 2: List Everything You Owe

Get complete clarity on your debt situation. Create a spreadsheet or use paper:

Step 3: Choose Your Payoff Strategy

There are two main approaches:

Debt Avalanche (Saves Most Money)

Pay minimums on all cards, then put extra money toward the highest interest rate debt first. Mathematically optimal.

Debt Snowball (Best for Motivation)

Pay minimums on all cards, then put extra money toward the smallest balance first. Quick wins keep you going.

My take: If your highest-rate debt is also your smallest balance, do both at once. If they're different, pick based on your personality. The best strategy is the one you'll stick with.

→ Read more: Debt Snowball vs Avalanche

Step 4: Pay More Than the Minimum

Minimum payments are designed to keep you in debt. On a $5,000 balance at 22% APR with a 2% minimum:

• Minimum payment: $100
• Time to pay off: 27 years
• Total interest: $11,000+

Paying $200 instead of $100:

• Time to pay off: 2.5 years
• Total interest: $1,500
• Savings: $9,500 and 24 years

Step 5: Consider a Balance Transfer or Consolidation

A balance transfer card or debt consolidation loan can reduce your interest rate dramatically.

Balance Transfer Cards

• 0% intro APR for 12-18 months
• Transfer fee: 3-5% of balance
• Best for: Good credit (670+), debt you can pay off in 12-18 months

Debt Consolidation Loans

• Fixed rate, often lower than credit cards
• One payment instead of many
• Best for: Fair credit, larger balances, longer timeline

Step 6: Find Extra Money to Throw at Debt

The faster you can pay, the less interest you'll owe. Here are ways to find extra money:

Cut Expenses

• Cancel unused subscriptions (gym, streaming, apps)
• Reduce dining out to once per week
• Switch to a cheaper phone plan
• Negotiate bills (internet, insurance)
• Find free entertainment options

Increase Income

• Pick up overtime hours
• Start a side hustle (delivery, freelancing, tutoring)
• Sell unused items
• Ask for a raise
• Use windfalls (tax refund, bonus) for debt

Redirect Existing Savings

• Pause retirement contributions temporarily (only if no match)
• Use some emergency fund (keep $1,000 minimum)

Step 7: Stay Motivated Until Debt-Free

Paying off debt is a marathon, not a sprint. Here's how to stay on track:

• Track visually — Color in a thermometer or cross off amounts
• Celebrate milestones — Every $1,000 paid off is progress
• Remember your "why" — Freedom, less stress, more options
• Find accountability — Partner, friend, or online community
• Automate payments — Remove decision fatigue

What NOT to Do

• Don't ignore the debt — It won't go away and will get worse
• Don't use retirement funds — Penalties and taxes make this expensive
• Don't fall for debt relief scams — If it sounds too good, it is
• Don't close paid-off cards — Keep them open for credit history
• Don't give up — Even slow progress is progress

When to Seek Help

Consider a non-profit credit counseling agency if:

• You can't afford minimum payments
• You're getting collection calls
• You've tried and failed multiple times
• Your debt feels unmanageable

Look for NFCC-member agencies for legitimate help.

Related Tools

• Debt Payoff Calculator
• Snowball vs Avalanche Calculator

Related Guides

• Debt Hub
• Debt Snowball vs Avalanche