Four Simple Steps to Pay Off Credit Card Debt

Did you know that 25% of Americans have more credit card debt than they have in emergency savings?* Did you know that the average American household owes approximately $47,000 in credit card debt?** Those are some hefty numbers!

Now you’re probably wondering, “Why does this sharp-dressed dog care about my debt?” Well, my tall friend, it has been my ancestors’ tradition for many generations to maintain a special loyalty and genuine care for your species, and I do take that seriously.

In searching for the best formula for paying off these dreaded plastic anchors, I found that paying off credit cards can be a little tricky due to of all the options that exist for debt management. To guide you through this quagmire, I’d like to share four simple steps that you can implement today to start the process of paying off your credit cards.

“People don’t plan to fail, they fail to plan.” –Les Brown

Step 1: Take time to organize your credit card debts from highest interest rate to lowest. (Try my Credit Card Debt Analyzer!)

Step 2: Make sure to pay at least the minimum on all debts every month. The goal is to make sure your plan is effective in paying off your total debt, not just in paying off one card.

Step 3: Send all extra available cash to your debt with the highest interest rate. Remember, a high interest rate works against you as it will increase the amount you owe rapidly.

Step 4: Repeat this process every month. It takes time and effort to form a habit, but once formed it normally sticks.

Alright! By implementing these four steps, you have organized yourself and started on a path towards zero credit card debt. Imagine how good it will feel to remove the burden of credit
card debt from your life!

My best wishes to you on your journey toward becoming debt free!

Take my Money IQ quiz to gauge how familiar you are with basic financial concepts.


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  9. Dexter Darnold on May 1, 2013

    A debt management plan is a formal agreement between a debtor and creditor(s). Debt Management Plans help reduce outstanding, unsecured debts at a reduced level over a fixed period of time to help regain control of finances.-;

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