If you’re wondering how to pay off credit card debt fast, then consider the debt avalanche method. The debt avalanche method is a strategy for reducing debt that puts math first. If you’ve got multiple debts and are current on all of your payments, it can be a great way to become debt free. To use the debt avalanche method, write down a list of all your debts, starting with the debt with the highest interest rate and ending with the lowest interest rate. Don’t worry about the balance on each debt, just focus on the interest rates.
Continue making the minimum monthly payments on each of your debts, and pay as much extra money as possible toward the one with the highest interest rate. Once that debt is paid in full, move on to the one with the second highest interest rate, and so on down your list.
The debt avalanche method is mathematically the fastest way to become debt free, but a lot of times people find it ineffective, especially if one of the first debts on your list is taking a long time to pay in full.
What’s your favorite method to pay off credit card debt fast? Let me know in the comments!