There’s no one-size-fits-all approach to handling credit card debt.

There’s no one-size-fits-all approach to handling credit card debt. The cheapest way for you to get rid of it might be more expensive for your neighbor, and vice versa.

Here are five ways you can erase your credit card debt. The list starts with the less expensive method. Discover which option is the best and most cost-effective for you.

1. Attack the debt with all your resources

This old-fashioned method won’t cost you money, but it will take time and energy.

  • Stop using your credit card (or cards) and rely on cash for essential expenses.
  • Make a list of the amount of debt, interest rate, and minimum payment on each card.
  • Use either the debt avalanche method or debt snowball method to target one balance while making minimum payments on all other cards. With the debt avalanche method, you can use your extra money to pay off the balance with the highest interest rate first. Or, you can attack the debt with the smallest amount first by using the snowball method.
  • Create or revise your budget to include your debt payoff method while eliminating unnecessary expenses.
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