The Fastest Way to Pay Off $15,000 in Credit Card Debt

How to Pay Off Mountains of Credit Card Debt

Very Upset Woman Holding Her Many Credit Cards.

Credit card debt, though an unwelcome guest in the average American’s household, is a common burden. According to recent statistics, the average amount of debt from credit cards held by each of the households in the nation is at least $15,000.

In some instances, this figure is higher. While many financial experts state that increases in debt loads are a result of irresponsible spending, it has been determined that there are several other reasons why Americans are finding themselves carrying the financial and emotional burden of financing various aspects of their lives.

There is good news, though. Today, it is possible for those carrying immense levels of credit card debt to eliminate the financial toll that it imposes on their lives. Examples of the most common debt-resolving methods include credit counseling, transferring balances, and you may even refinance your home.

In this brief guide, we will outline the fastest way to pay off $15,000 in credit card debt. If you are ready to take control over your financial future, continue reading for information that will – literally – change your life!

Identify the Behaviors That May Have Led to Your Debt

The first step to eliminating credit card debt – regardless of amount – is to identify the behaviors that may have contributed to the accumulation of the debt. As mentioned previously, there are a wide variety of reasons why people find themselves facing mountains of debt. The most common reasons include the ever-increasing cost of living, educational pursuits and expenses, the loss of hours at work or the loss of a job, and/or medical expenses.

In addition to this, many people simply spend in an irresponsible manner. It is also common for people to purchase items that they cannot afford, and a large portion of their earnings having to go towards repaying debt. Before you refinance your house or take another step to eliminate the debt associated with your credit cards, it is imperative that you take an honest look at how you got into debt. You must determine which behaviors resulted in the debt and make a commitment to correct those behaviors.

Ensure That You Are Earning Enough

To successfully eliminate debt, you must avoid living within your means. Yes, you read that right. Instead, live below your means. At this point in the game, you are likely facing a situation where you are spending a lot more than you earn. That needs to change. You must take the steps necessary to earn more than you are spending.

You could attempt to promote within your current job, change jobs, or pick up a second job. If you are lacking in time and resources, there are many online opportunities that you may pursue. Examples include starting a blog, becoming an online transcriptionist, or getting involved with an affiliate marketing program. You may also sell off some of your belongings to pull in a little extra cash. Once you obtain the extra cash, you may then put it towards the debts that you have. Before you know it, your outstanding balances will quickly start to dwindle.

Tap into Your Resources

The third strategy for paying off all of that credit card debt is to tap into your resources. One of the best resources that you have is your home. It is the one possession that you have that is worth a significant amount of money. If you truly want to rid yourself of the high interest rates and payments associated with your credit cards, you should refinance your home.

In fact, out of all of the steps that we have outlined in this guide, this is possibly the best method for eliminating credit card debt. This step allows you to transform the equity into your home into cash or you may replace the mortgage that you currently have with a brand new one that holds the same balance. In some instances, you may even receive a lower interest rate. This means that you will save thousands a year in credit card interest and the interest on your home!


If you take the steps contained within this brief guide, you will successfully reduce your consumer debt. As you work to reduce this debt, you will also work to reduce the overall costs of your debt. Identifying the behaviors that resulted in the debt, making certain that you are earning enough, and tapping into your resources – like your home equity – are all highly productive measures that will eliminate the financial and emotional bonds to which you are chained.

Credit card debt is a huge weight. By simply knowing how you got to where you are, earning a little extra money, and choosing to refinance your home or a similar step today, you are sure to experience many debt-free tomorrows.