If you’re reading this article, you are looking for the best way to pay off credit card debt. This means that you have accumulated some debt, and you’re ready to be rid of it. Don’t worry, you’re not alone. Most people this day and age have some form of debt, and many have fallen victim to having to accumulate some credit card debt. Once you make the realization it is costing you money to hold a balance on your credit cards, you will undoubtedly want to change your financial situation.  When you have credit card debt, it can feel suffocating and it really does feel like you have something hanging over your head all the time. This feeling is a huge stress for many people, and for some it even keeps them up at night. Many fall into an endless cycle of making payments every month, but not getting anywhere and using their card again before the next payment is due. Many feel like they are in a cycle they will never be able to break out of, and don’t see a way to eliminate the debt.

If you are in this situation, you undoubtedly would like to know the best way to pay off credit card debt. There are a few techniques to make the best of your situation, and with self discipline and careful planning, you can work your way out of the credit card trap. First and foremost, if you’re in the hole, stop digging. Come up with a plan that involves spending cash only, you will never pay off your debt if you keep accumulating more. This may involve a lifestyle change, but you can do it! If you are living beyond your means, and chances are you are with spending on credit cards, you will first need to learn to discipline yourself to live a lifestyle you can afford. This may be the hardest step, but it is the first one you will have to take.

The second piece of advice I can give you is to pay off your highest interest credit cards first. Even if you have a larger balance on a card with a lower APR, the best way to pay off credit card debt effectively is to ax the highest costing cards first. Every month, pay the minimum on every card except the highest card. Put away as much as you feasibly can on that card until it is paid off in full, then start putting everything you can into the next highest card. Eliminate your debt one card at a time.

My last piece of advice in planning your debt is to use any savings you may have, excluding IRA’s and 401k’s or any other retirement plan. Many people have a savings account open in case of emergencies and carry credit card debit as well that they are continually charged interest on. I assure you, credit card debt that you are struggling to keep afloat with is an emergency. The amount of interest you pay on your credit cards will always be higher than the amount of interest you will earn on a savings account, thus, you are losing money. You can always work that savings account back up to a comfortable level once your cards are paid, and once you have trained yourself to live within your means.

To recap, in planning the best way to pay off credit card debt can be summed up in three steps. Stop digging, pay off highest interest cards first, and use any savings you may have to pay towards your credit card debt. Using these three steps will save you the most money and help assure you pay off your debts as fast as you can. These methods will also train you to live within your means, which means once the debt is paid off; you will have trained yourself to keep yourself out of credit card debt. Best of luck, and keep your eyes on the prize!