I'm a money expert with $10,000 in credit card debt. Here's how I pay it off

2024 was a big year for my family, and not in a good way. My partner lost his job, our dog was diagnosed with cancer and one of my family members suffered a stroke.

As a personal finance expert, I pride myself on taking risk into account. I have a high yield savings account and I am more aware than most of the dangers of credit card debt trap. So how did I get into this situation?

Life is unpredictable and sometimes we don't have the resources to deal with what comes our way. As such, 45% of American households have credit card debt, according to recent data from Survey of Consumer Financeswhich shows me that I am not alone in my struggles.

I used to vilify myself credit cardsbut through my work and lived experiences I now recognize them as a tool. Although debt is morally neutral, having more of it than you intend can bury you in a financial hole. By removing the usual debt-related vitriol and making a clear plan, we can get our balances to zero sooner.

Here's what I'm doing to pay off $10,602.27 in credit card debt in six months.

Identify the correct numbers

The first step to paying off any type of debt is knowing your numbers. How much is the total debt? What is the minimum monthly payment? What is the interest rate? This helps you see what you're up against and how you should prioritize your money.

For example, here is a table with the above information on my credit cards. I used this so I could take into account what my debt looked like.

Card	Find out	AMEX	Care Credit
Total debt	$4,494.57	$5,074.82	$1032.88
Monthly payment	$106.77	$140.00	$62.00
Interest rate	29.99%	22.15%	0% until March

It is important to note that some of your credit cards may have introductory rates. My nursing credit card, for example, has 0% interest until March. Then the interest rate skyrockets to 32.99%.

Have an emergency fund

One of the reasons I went into debt was because my emergency fund wasn't as big as I would have liked. At the moment I was able to pay off my Care Credit card with the amount of money I had saved in my savings account. I choose not to because that amount of savings is the only defense I have between myself and debt.

That's why having an emergency fund is so important. If you don't have any money saved, you could dig yourself into more debt that will be harder to get out of.

Pro tip: If you're paying off debt and don't have an emergency fund, prioritize at least saving expenses for one month like an airbag. This will help you avoid going into further debt and allow flexibility when dealing with unforeseen circumstances.

Create a debt repayment plan (and stick to it)

There are many debt settlement plans out there. The best one is the one you stick with.

I will use it debt snowball method. The debt snowball method prioritizes paying off the debt with the lowest total debt. By paying the minimum on every other debt, you free up more money to spread over the smallest balance. Once the debt with the lowest total debt is paid off, you apply the amount you were paying toward that debt to the next lowest debt on your list.

The reason I chose this method is the introductory rate of Care Credit. While the 0% interest rate was helpful during my dog's cancer treatment, I don't want to be charged a 33% interest rate when I can quickly pay off the remaining balance before that happens. After paying off the Care Credit card, I will move on to the Discover card, then finally the Amex card.

Budget extra money for debt

I sat down and ran the numbers over the last few months. I put the cost averages into categories and created a realistic monthly budget. While that budget is tight, I am committed to following it so that I can pay off as much debt as I can each month.

I also put in all the “extra” money, including commission, side hustle income, gifted money and debt tax returns. (I'd rather use that money to fix my perpetually broken hot tub, but I've committed to paying off the debt first.)

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Remember to have fun

Paying off high interest credit card debt is important to my financial journey, but it's not the only important step. A few years ago I would have told you to focus solely on paying off debt if you were in debt of any kind. Now I know that sustainable debt repayment is more important.

I encourage myself to have fun while paying off my credit card debt. I still went on vacation this fall, I still order DoorDash, and I still buy myself treats here and there. It may seem counterintuitive, but spending money on yourself and practicing financial balance is key to staying motivated while paying off debt.

Your debt repayment journey doesn't have to be all or nothing

It might take you a little longer to pay off the debt, but you'll hate your life a lot less in the process and avoid going backwards or stopping altogether. Sustainability and longevity are what you should strive for in your money journey.