While it can be intensely stressful, there are many ways to pay off high-interest debt if you know where to look. This guide is a good place to start looking.

When you’re trying to pay off high-interest debt, it can feel like you’ve got an insurmountable rock wall standing between you and financial freedom. You want to climb over it, but every time you start to climb you don’t move as quickly as you’d like or end up sliding back down.

So that’s why we created this guide — to help you find the right path for you as you pay off high-interest credit card debt.

The Do-It-Yourself Method

There are two ways to pay off your high-interest debt faster if you’re doing it yourself — make more money or spend less. And that doesn’t have to be as hard as that sounds. We’ve got three ways you can get started paying off your high-interest debt your own way.

Call Your Credit Card Company

What to know before you call

Use this script to help you on the call

Plan and Budget

Build and maintain your best budget

Create a detailed spreadsheet budget

Decide the right strategy for you

Use a budgeting app

Make More Money

Short-term money-making ideas

Long-term money-making ideas

Balance Transfer

This is pretty straightforward. You take your high-interest credit card debt from one card and move it to another. Then your new company usually gives you a reduced interest rate, sometimes reduced down to zero, for a period of time. It can be a great option if you’re diligent about watching your balance as those sweet interest rate reductions are usually temporary.

Learn the balance transfer basics

Know the dangers of a balance transfer

Decide if a balance transfer is right for you

Consolidation / Refinancing Loan

This is actually one of the things we do at Payoff to help with financial wellness. Consolidation/refinancing loans are where you get a loan from another company and use that money to pay off your current debt.

“Isn’t that just exchanging debt for debt?” you may be asking. And the answer is yes, but the debt is better debt (which will make sense in a second). Consolidation/refinancing loans tend to offer you lower rates and shorter terms that are designed to save you money in interest and to help you get out of debt faster. So now your high-interest debt is now lower-interest debt.

Learn the consolidation/refinancing basics

Decide if consolidation/refinancing right for you

Know what consolidation/refinancing dangers to avoid

If you’re looking for a consolidation loan, we happen to think our own debt consolidation loan is pretty great. But shop around and make sure you find the best company (still hoping it’s us) and offer that fits your life.

Credit Counseling & Debt Management Plans

A classic team: You with your high-interest debt and desire to pay it off, and them with their years of experience and expert knowledge. But before you both skip off into the debt-free sunset, make sure to research to decide if the savings will outweigh the costs.

Know the credit counseling basics, costs and everything else

Discover how credit counseling works

Find the right counselor for you


This should be your very last choice. But if you’ve exhausted every other option and now bankruptcy is your only choice, then be sure to do your research first.

Decide if bankruptcy’s right for you

Discover the bankruptcy basics

Read about people who have done it before

Learn how to file bankruptcy

How long does it take to rebuild credit

Now It’s Time to Choose

Now it’s on you to create your own personalized plan for how to pay off high-interest credit card debt.

Participation Pays Off: What great resources do you use or have you used to pay off high-interest debt?

3 Responses to How to Pay Off High-Interest Debt Resource Guide

  1. Francis says:

    Great resource here.

    I was able to payoff my debt by my self. I had a lot of motivation. The season I was in offered me a lot of incentive for paying it off (I was getting ready to get married). So that helped me a bit.

  2. karen says:

    Would like to refinance credit cards would like to consult with an associate.

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