 TITLE: How Can I Pay Off $50,000 in Credit Card Debt? CONTENT: Choose a Debt Payoff Method\n---------------------------\nYou should always pay at least the minimum monthly payment on each of your credit cards to avoid late payments, which could damage your credit. To work toward paying off a large balance, though, consider using the debt avalanche or debt snowball approach.\nWith the debt avalanche method, you'll make the minimum monthly payments on all your credit card accounts and apply any additional payments you can afford to the account with the highest interest rate. Once that balance is paid off, you'll take all the money you were paying toward it every month and apply it to the card with the next highest interest rate.\nYou'll continue this strategy until all of your credit cards are paid in full.\nThe debt snowball method follows the same process as the debt avalanche approach in every way except for one: Instead of targeting your account with the highest interest rates first, you'll focus on the account with the lowest balance.\nNeither approach is inherently better than the other, so you'll need to decide which is best for your situation. In general, the debt avalanche method will save you more on interest because you're paying off higher-interest accounts first. On the flip side, the debt snowball method will give you wins early on because you're eliminating smaller balances.\nConsider both options and your situation to decide the best path for you. END