How to Tackle Credit Card Debt

Has your credit card debt been on your mind lately?
You’re not alone. With high interest rates on many credit cards, finding ways to eliminate or reduce debt is top of mind for many folks. Reclaiming those hard-earned dollars  and putting them toward your future goals is a powerful step. Here are some strategies to help you get started:

Simple Steps to Pay Down Debt: 

• Review your monthly spending. Decide if you can apply even a small amount of funds toward your debt. Every little bit helps with savings on interest paid over time!
• Create your own personal rules for credit card use. Consider limiting charges to essential expenses only, or avoid using credit for dining out or clothing purchases.
• Track automatic payments. If you’ve set up recurring bills on your credit card, make sure you’re adding those amounts to the minimum monthly payment due to prevent your balance from growing.
• Use a structured repayment method. Try the Snowball Method (paying off the smallest balance) or the Avalanche Method (tackling the highest interest rate first) of debt repayment. With the Snowball Method, apply all extra funds to the chosen creditor until that debt is paid off. Then, move on to the next smallest debt. With the Avalanche Method, focus on the card balance with the highest interest rate first, then the next highest, and so on until each one is paid off.
• Review your credit card statements. Oftentimes, they reveal how much you need to pay monthly to eliminate the balance in three years. Strive to match or exceed that amount whenever possible.
• Explore debt consolidation. Consolidating debt with a trusted financial institution into one monthly payment may offer a lower rate and thus a faster payoff. However, consider the pros and cons. See the infographic below by our partner, GreenPath Financial Wellness.
• Be cautious with balance transfers. A good offer should give you at least 12 months of 0% or low interest to make a meaningful impact.
• Get personalized help. Consider teaming up with a financial coach to help you build a personalized plan that is aligned with your personal values and goals. A coach can also support your journey toward economic resiliency by cheering you on as you reach key milestones along the way!

Thinking About Debt Consolidation?
Debt consolidation can be a helpful tool, but it’s not a one-size-fits-all solution. This infographic from GreenPath Financial Wellness offers a quick overview of the pros and cons to consider. 
 

Upcoming Webinar: Your Financial Wellness Check-Up

Hosted by GreenPath
Date: August 14, 2025
Time: 2:00 pm – 3:00 pm EST
Register Here

Managing your money without a plan can feel overwhelming. This webinar will help you chart a course with confidence. Learn how to:

• Build a spending plan that works for your life
• Adjust your habits to improve your financial future
• Set and work toward meaningful financial goals

Who should attend?
Anyone looking to gain more control over their finances or support someone who is.

If you're ready to make a change, Verity and our partners like GreenPath are here to help. Verity partners with GreenPath Financial Wellness to provide additional support for members. This service complements Verity’s financial coaching. GreenPath’s certified financial counselors offer general financial coaching, plus specialized coaching for student loan debt and housing counseling. 

Let’s work together toward your financial well-being, one step at a time.