One of the first steps Orman advises for those looking to chip away at credit card debt is to see if you can lower your interest rates.
There are a few ways to do this, such as a balance transfer to another credit card with 0% interest rates for a certain period, taking out a personal loan with a lower interest rate to pay off your credit balance or working with credit counselor to consolidate your debt with a lower rate. The second model, which Scherer says is personally what he recommends to clients, is to look at all your outstanding debt and pay off the one with the highest interest rate first. Over time, this means you'll pay less money to knock out your debt because you're tackling the highest interest rates right away.
In addition to paying down your debt, make sure that you're putting aside some money to build up emergency reserves, said Scherer. This is to keep you from accumulating more debt while you're working to pay off your existing balance.
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