Have $10,000 or More in Credit Card Debt? Here's How to Get Rid of It

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When you live under capitalism, it's easy to get into credit card debt. Whether that's from unexpected medical debt or simply having to pay your bills, getting out of $10,000 or more of this type of debt is a difficult feat. But if you take the right approach, you can help yourself get there.

Here's what you need to know to get it done.

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Figure out your payoff method

There are several methods you can use to pay off your debt, but the best option for you will depend entirely on how your brain works. That's because, like so many difficult things, paying off $10,000 in credit card debt requires sustained motivation (which, in itself, is a huge ask).

If you're the type of person who needs to reach smaller but frequent milestones, you might want to consider the debt snowball method. It requires you to pay off the smallest balances first, which can feel like a huge accomplishment.

But if you're the type of person who is motivated by saving the most money, the debt avalanche method could be the solution. That method has you pay off the highest interest rate debt first, which may take longer to achieve than paying off the smallest balance.

However, depending on your debt amount, things may even out. Let's say you have the following debt:

• $5,000 at 18% APR
• $3,000 at 21% APR
• $2,000 at 24% APR

If you can afford to pay $500 toward that debt per month (including the minimum payments), you'd end up paying $12,137.18 over 25 months with the debt snowball method. With the avalanche, you'd pay $12,137.15 over the same period of time -- just a few cents less. So you need to do the math if you're deciding between these two options.

Some people will also prefer something in between these methods, such as going after that lowest balance first to feel that sense of gratification, then attacking the highest interest card to save money. Or if you have good credit, you might consider putting some of that balance onto a balance transfer card or low-rate personal loan. Whatever the method and whatever your reasoning, just make sure it aligns with what motivates you.

Make things as simple as possible

Once you reach five-figure debt territory, the necessity for simplicity only becomes more apparent. Here are a few tactics that can make a huge difference here.

• Set up automatic payments for each card: If you have established how much you can afford to pay for each card, it's important to stick to that plan. Autopay is the easiest way to do that -- just be sure to make a note of when each payment comes out of your checking account to avoid overdraft fees.
• Set up a recurring debt check-in: Tracking your progress doesn't necessarily have to be a daily occurrence, but it should be a regular occurrence. Setting up a monthly or quarterly meeting with yourself to make sure you're on track (and recognize when you hit milestones) is a great way to keep things going in the right direction.
• Delete saved credit cards: The only way to get out of credit card debt is to make sure you're paying down the balance. So if you're still going to charge purchases to those cards, you have to do that with the intention of paying off those extra charges before your next billing cycle. Removing saved credit card information from your computer and phone is one way to ensure you aren't making impulse purchases that will add to your debt.

Paying off credit card debt is a marathon. You need to pace yourself, but with the right payoff plan and tools, you can get to that finish line on your desired timeline.

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