The usage of credit cards has increased, and more and more people are overspending and getting trapped in debt. On paying late, credit cards attract hefty interest rates that can become difficult to pay and can be a source of great stress in people. To help you, here are a few ideas on how to get out of credit card debt.

1. Repay debts with higher interest rates
It is important to know the interest rates on your cards to learn how to get out of credit card debt. To eliminate debt as quickly as possible, list all the credit card interest rates from the highest to the lowest. Make the minimum monthly payment on each, but make the biggest payment possible to a credit card with the highest interest. Once that one debt is repaid, you can use the majority of funds towards the debt with the next highest interest rate.

2. Implement the snowball method
One of the ways to get out of credit card debt is by implementing the snowball method. In this method, you first repay the credit card with the smallest debts, gradually moving towards paying credit cards with higher debts. Follow this method till all debts are paid. By using this method, you will not only repay credit card debts faster but also improve your credit scores.

3. Consider a balance transfer
A good credit score may qualify you for applying for a new balance transfer credit card offering at 0% APR that could last anywhere from 12 to 21 months. Transfer the higher interest balances from the old cards to the new cards. This will allow you to save on interest and pay off debts faster. However, ensure you pay off the full balance before the end of the 0% offer to avoid accruing interest charges.

4. Make a budget
To alleviate debt, make a budget that will give you an insight into how much you need to spend for basic necessities and the amount you need to pay towards your debts. Get rid of unnecessary expenses to save more money. Also, use cash or debit cards to pay for everyday essentials instead of using credit cards.

5. Take a personal loan
If you have a good credit score, you can consolidate your credit card debts using a personal loan. With a personal loan, you get a fixed amount of money for a fixed repayment period at a rate of interest that is comparatively lesser than credit card interest rates. In this way, you can become debt-free by paying off all your credit card debts in one go.

Implement one or more of these methods and get started on the path of a debt-free life.