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Getting out of credit card debt can be a daunting task, but it’s also possible. Rising interest rates and inflation are likely to keep credit card balances rising. With the average APR now at 17 percent, carrying these balances becomes more expensive.

Despite what some might believe, there is no quick fix to debt. There are several smart money moves that can help you get out of debt, and these can lower your credit card APR and put you on track to debt-free living.

The Avalanche Method

One of the most effective ways to get out of debt is to list all of your debts from the lowest interest rate to the highest one. Make the minimum payment on all of them, but pay all of your extra money on the highest-interest one.

This strategy can save you money, as it will reduce the amount of interest that you pay. According to J. Dennis Mancias of Symmetry Financial Solutions, this method will also allow you to avoid paying more interest than other strategies. Thus, this strategy is useful for those who are motivated by interest savings.

The Snowball Method

The snowball method is also beneficial for those who are motivated by getting their debts paid off in the shortest possible time.

The goal of the snowball method is to make the minimum payment on each debt, then go all out on the one that you are focused on paying off. After you have paid off the entire debt, put the money that you allocated to the next-largest one into the account that you are managing.

Balance Transfer Credit Card

If you have excellent credit, a balance transfer credit card can be beneficial for you. It can allow you to transfer your credit card to a low-interest rate account. If you have been making on-time payments and maintaining a low credit utilization ratio, you might qualify for this offer.

One of the most important factors that you should consider when it comes to choosing a balance transfer credit card is the zero-interest introductory offer, which can last for up to 21 months. This will allow you to transfer your high-interest debts to the new card.

When it comes to choosing a balance transfer credit card the interest rate is imperative. It’s important to pay attention to the rate after the promotional period has ended. If you have high-interest debt, it will take a long time to pay it off. This strategy is great for those who are good at staying on top of their credit card payments.

Debt Consolidation

A debt consolidation strategy is also beneficial for those who have multiple high-interest debts. It can be done by transferring all of your debts to a single loan with a monthly payment that is fixed. However, this strategy can be carried out through a home equity loan or a debt consolidation loan.

Although debt consolidation can be beneficial for those who have multiple high-interest debts, it’s important to note that the interest rate on the loan that you consolidate will be lower than the interest rate on your credit cards.

Getting out of credit card debt can definitely prove to be a challenge, however, avoid feeling defeated. There are various strategies that can help you get out of debt. One of the most important factors that you should consider is the type of strategy that works best for your situation.