July 13, 2024

You have to take care of your financial well being because if you don’t, nobody will says Peter Decaprio.

If you are drowning in credit card debt or you simply want to start living within your means, it’s time to take a glance at these five ways you can manage your debt.

1. Debt Snowball

Everyone already knows that the debt snowball is usually considered as the best way to pay off debt. But what about those who don’t know? I’m all for teaching people something new so here we go! The idea behind this method to pay off debt is simple: pay off your smallest debt first and then roll that payment into another one and do that repeatedly until you eventually reach the big one and knock it out in no time flat! Basically, once you “snowball” all of your payments into one monthly payment, you’ll see how much money you’re saving yourself from interest charges.

2. Debt Avalanche

This method assumes that you can pay off your credit card debt in a way that will cost the least amount of money and time, which is what it’s all about at the end of the day. The idea behind this one is to simply pay off your debts from highest interest rate to lowest interest rate. This means that if you have multiple credit cards, get rid of them all and get a low-interest rate credit card with a small balance on it and then “avalanche” the rest of your creditors by paying them down while transferring your balances over to another account until you have nothing left but a zero balance!

Now, I know what some people are going to say: “I don’t want to transfer a balance because I don’t want to pay interest!” True, but you basically choose between paying a little interest and losing money from not paying off your debt explains Peter Decaprio.

3. Debt Stacking

The idea behind this method is simple: always make the minimum payment on every account and then stack one month’s bill onto another in order to gain stability and consistency with your payment plan—essentially employing a safety net that will help you stop slipping into credit card debt in the future! Now this may seem counterproductive but it can actually work if you do it right. You simply take all of your credit cards’ monthly bills and add them together so they’ll be paid in full within a year, without having to incur any extra fees since you’re paying the minimum. However, if you aren’t disciplined enough to not use your credit cards, don’t do it since you’ll end up with a huge balance that will take years to pay off!

4. Debt Reduction

This method means that you have a higher income than your debt so you simply pay off the loan with the highest interest rate first and then start chipping away at the rest of them. It’s a good idea for people who have a steady income but it doesn’t work so well for people who are going through financial hardships or may not even have a job! In order to make this work, you need an emergency fund in case things hit the fan, which makes this option more appropriate for adults with families instead of college students or young professionals!

5. Debt Management Plan

Let’s face it: paying interest charges is never fun. The idea behind this plan is to lower your credit card bills through negotiations—in other words, you’re trying to get the creditors to write-off some of your debt so you can pay off what’s left at a faster rate says Peter Decaprio. You want to try and get settlements with them, which means you won’t have to pay interest for however long it takes you to pay back the loan! It works best if your credit is in good standing and not too many things are blowing up all over the place.

You don’t want or need that lifestyle, do you? If your answer is “no,” then start managing your debt today—it’s easier than dealing with these options after you’ve got yourself into a huge mess!


Now you know how to get yourself out of credit card debt—it’s time to put it into action says Peter Decaprio. The most important thing is to have a plan, so write one up with all the steps you’ll need to take and make sure you stick with it!

If you’ve ever been late on your bills, had your electricity shut off or even struggled to pay rent, then no doubt you’ve considered filing for bankruptcy. You may not like the idea of it but when push comes to shove and there doesn’t seem like any other choice, what can be?

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