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Is credit card debt starting to weigh heavily on your finances? For millions of Americans, credit cards have become a financial vice that cripples their ability to make ends meet each month.

I'll admit, it’s tempting to believe those rewards you’re earning are worth the crazy amounts of money you’re spending (1% cashback is a great deal... Not!). But eventually, all that accumulated, high-interested debt needs to be repaid and it's not always the easiest hole to climb out of. After all, a card that charges 20% interest on purchases means a $100 purchase will actually cost you $120 in the long-term. If you couldn't afford the $100 before, you certainly can't afford the $120.

Paying off credit card debt is never easy but believe me, it's a worthwhile journey to pursue and the time to start was yesterday. If you find yourself in huge amounts of debt, please do yourself a favor and address the matter today. DO NOT PUT THIS OFF ANY LONGER.

How to Pay Off Credit Card Debt

When it comes to paying off credit card debt, there’s no better way than the debt snowball method:

Step 1: List your credit card debt from smallest to largest (don’t worry about interest rates). Pay minimum payments on everything but the little one.

Step 2: Demolish the smallest debt. Once that debt is gone, take that payment (and any extra money you might have set aside for fun) and apply it to the second-smallest debt while continuing to make minimum payments on the rest.

Step 3: Once that debt is gone, take its payment and apply it to the next-smallest debt. On and on it goes until it's all paid off. The more you pay off, the more your freed-up money grows and gets thrown onto the next debt. Similar to a snowball rolling down a hill. your free cash begins to accumulate and can be put towards paying off the remaining debts.

Which Credit Card Should You Pay Off First?

Doesn’t it make mathematical sense to pay off the credit card with the highest interest rate first? After all, those are the ones multiplying your debt the fastest.

Maybe. But numbers aren’t the problem here. Behavior is. The point of the debt snowball method is behavior change.

Starting with the smallest balance on your debt will help you make progress because you will see those little wins immediately. That progress will keep you motivated and be the fuel you need to stay disciplined and pay off all your credit cards one at a time. Similar to a ladder. The goal is to reach the top, but you don't get right to the top without starting from the ground. You take small, attainable steps that get you closer to the top of the ladder.

When you begin with the smallest credit card balance, you’ll knock it out pretty quickly and stay motivated to pay off the next credit card. Rinse and repeat until each card is paid off.

Motivation will take you all the way to the finish line of paying off your credit card debt because it is a long and daunting process. Starting with the largest debt, you could lose steam and quit before you even get close to finishing.

You may not think paying off a $50 credit balance is a big deal, especially when you’re staring at a $10,000 Visa bill right next to it. But when you put that minimum payment toward your next debt and see your snowball grow, there will be nothing that stands in your way.

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