 TITLE: How to Pay Off 20,000 in Credit Card Debt CONTENT: Utilize Debt Repayment Strategies\n---------------------------------\nIn addition to other options, you may choose to employ a specific debt repayment strategy to pay down your credit card debt more efficiently. Here are three to consider:\n*   **Debt avalanche**: With the debt avalanche approach, you make just the minimum payment on all of your credit cards except for the one with the highest interest rate. With that one, you'll apply extra payments until it's paid in full. Then, take what you were paying toward that account and apply it to the one with the next-highest interest rate (on top of its minimum payment). You'll keep doing this until you've paid off all of your balances.\n*   **Debt snowball**: The debt snowball method is similar to the debt avalanche method, but instead of focusing on the accounts with the highest interest rates, you'll target the accounts with the lowest balances.\n*   **Debt snowflake**: The debt snowflake strategy is one you can use on its own or in addition to the debt avalanche or snowball methods. With this approach, you'll take small daily savings you gain and put those toward your monthly payments. Get a coupon for $2 off a grocery item? Put that $2 toward your debt. Got some extra belongings you no longer need? Run a yard sale and use the proceeds to pay down your debt.\nIf you're trying to decide between the debt avalanche and snowball methods, here's how to make the right choice for you: In general, the debt avalanche method can save you more money, but it may have you focusing on large balances first, which can take more time to pay down.\nIn contrast, the debt snowball approach may not save you the most money, but it can give you wins early on as you pay off smaller balances. END