When it comes to applying extra funds to combat your debt, you often hear of two popular strategies: the snowball method and the avalanche method.

1. Snowball method — You make your minimum payments on all of your credit cards, except one. You focus all of your extra money on paying off the card with the smallest balance. Once you pay that card off, you take the money you were paying for that card and put it toward the card with the next smallest balance. This strategy is good for people who need extra motivation to stay focused. Small victories create a snowball of momentum.

2. Avalanche method — You still make your minimum payments on all of your credit cards, but with one major difference. You use the extra cash to pay off the card with the highest interest rate. Once that card is paid off, you apply your money toward the card with the next highest interest rate. This strategy is good for people who want to save money on interest charges.

3. Consolidate credit card debt! - If you don’t want the hassle of managing multiple credit card payments each month, you could look into consolidating your debt into one monthly payment. There are various options for consolidating debt, but depending on your situation, you may want to do this with either a balance transfer credit card or a personal loan.

A few good places to apply for personal loans:

https://www.sofi.com/

https://www.fundingcircle.com/us/

https://www.lendingclub.com/

4. Balance transfer card – If you don’t have a huge amount owed on credit cards, you may want to choose a balance transfer card. Look for one that offers an introductory 0% APR on balance transfers and charges a low balance transfer fee. But be careful, because after the intro APR expires, your interest rate could skyrocket. For that reason, this strategy makes more sense for someone who plans to pay off their credit card debt within the intro APR period. So, if you choose this method of paying down your debt, make sure you understand what that period is and when it expires, and limit use of the card to the balance transfer, avoiding any purchases with the card. Depending on whether you’re approved and the new credit limit you might receive, you may be able to pay off your existing credit cards with a balance transfer card. But keep in mind that balance transfer cards often come with other restrictions and fees, so make sure to read the terms and conditions carefully.