Credit card debt compounds fast. At 24% APR, a $5,000 balance costs you $1,200/year in interest. Here's how to escape.
Stop the Bleeding
- Stop using the cards (cut them up if needed)
- Switch to cash or debit only
- Track all spending
The Attack Plan
Option 1: Balance Transfer
0% APR cards give you 12-21 months interest-free. Transfer balances, pay aggressively.
Watch for: transfer fees (3-5%), new purchases don't get 0%
Option 2: Debt Consolidation Loan
Personal loan at 10-15% beats credit card at 24%. Fixed payment, fixed timeline.
Option 3: Aggressive Paydown
No new credit. Just attack the highest rate card first.
Find Extra Money
- Sell stuff on Facebook Marketplace
- Pick up overtime or side work
- Cut lifestyle temporarily
- Use windfalls (tax refund, bonus) for debt
Track Your Progress
Log debt payments in Pocket Clear. Watching the balance drop is motivating.
Start Tracking Together
Download Pocket Clear free. Simple expense tracking for couples and expats.