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Do you feel like you’re drowning in credit card debt? You try to pay off the rising balances little by little, but they just keep piling on. You're not alone! Americans have roughly $1.27 trillion in revolving debt, which includes credit card debt. 

What is your ‘Why’?

First, think about the reasons why you want to pay down your credit card debt. Rather than stressing about the debt, write down the positives of getting rid of it. It could be to start saving toward a vacation you haven’t taken in years, building up your rainy day fund, or saving for a new pair of shoes! Of course, paying off debt isn't going to happen overnight, so remind yourself of these motives when you're feeling defeated.  

Stop the spending 

This is exactly how it sounds - don’t use your credit card until your bills are paid off. When you keep using your cards, it may feel like you’re taking two steps forward and one step back. Try to focus on seeing the balance go down and your list of ‘whys’ again, and keep moving forward.  

Pay more than your minimum

It can take a long time to pay off your balance - it’s not easy! If you're only paying the minimum payment, you're probably not making much progress on paying down your balance. When you're making payments on your credit cards, try paying as much extra as you can afford to. Even an extra $20 each month will help drive that balance down. Use the  Money Management tools in online banking to help with paying down your debt.  

Consolidate or Transfer

If you have several credit cards that have high debt, it may be an option for you to consolidate your debt with a personal loan. With a personal loan, you can combine all your existing credit card debt into an unsecured personal loan that is typically repayable in 3-7 years. In this time frame, you can often get a lower interest rate than your current credit card interest rate. This is a great option to save on interest costs. Just keep in mind that it’s very important to control your spending to avoid racking up new debt on top of the debt you just consolidated.  

Another great option is to transfer your high interest credit card balances with a balance transfer. A balance transfer is when you transfer high-rate balances from existing credit cards to another credit card. In order to transfer the balances, you’ll need to open a new credit card, which usually has a lower interest rate than your current credit cards. Saving money in interest is just as important as paying off these balances.  

These helpful steps will keep your balances low and the stress off your chest. Now, go crush some debt!