How to Say, “Hello Holidays, Goodbye Credit Card Debt!”

Crisp air, cool temps, family gathers, good food, what more could anyone ask for?

Well, I’ll give you something: can I be free from the clutches of credit card debt?

If you’ve pleaded with the universe (or your creditor) with something similar, it’s okay. You’re not alone. Credit card debt plagues tens of millions of Americans, and like those many folks battling the beat-down this kind of debt often inflicts, it can seem impossible to beat.

But trust me. You can and will get your credit card debt paid off. You just need the right game plan and a little bit of good ol’ fashioned discipline.

Here are a few trusty tips to pay off or at least make a dent in your credit card debt, so by the time the holidays roll around, you can focus on gift-giving and celebrating rather than APRs and unpaid balances.

Go “All In” On Your Credit Card Debt

In the game of poker, the phrase “all in” means a player pushes all of their chips into the pot, which often signifies the player is so confident in their hand that they are willing to risk it all on one hand.

You need to attack your debt with the same mindset. Every little bit of money on the side, that extra money you have saved up, and even that overtime you were able to scrounge last week, whatever extra income you’re able to muster, bring to bear against your debt.

Pairing passive income with your full-time income will serve as a force multiplier against credit card debt.

Pay Off Balances With the Highest Interest Rates

Albert Einstein once said that compound interest is the most powerful force in the world. Considering the guy helped build atomic bombs, that’s really saying something.

But as someone dealing with credit card debt, you unknowingly (or very, very knowingly) don’t realize that the whole reason your debt may have spiraled out of control is due to this very force. Whereas compounding interest is great for savings, it’s terrible for debt.

To prevent compound interest from continuing to wreak havoc on your finances, take out the credit card accounts with the highest interest rates first.

Aside from the psychological victory of seeing the balances vanish, you’ll prevent those mole-hill-sized balances from growing into mountains and the mountain-sized-balances from growing into Everest-sized balances.

Make a Budget

If you’ve resisted making a budget, well, that’s got to stop. These days, thanks to the proliferation of budgeting apps, it’s never been easier to make a budget.

An app like TrueBill is a great place to start. TrueBill will automatically track your spending, your income, and even isolate subscriptions that you might have forgotten about. If you’re very diligent about how much you’re making and spending, you’ll know just how much you can devote to purely paying off your credit card debt.

Truebill can even help you customize for specific financial goals. So be sure to tell Truebill you want to wipe away your credit card debt!