Stratify & snowball those debts 

One of the most renowned approaches for vanquishing credit card debt is the “snowball” method pioneered by finance guru Dave Ramsey. The steps are straightforward, yet remarkably effective: 

• Inventory every credit card balance: List out every card balance from smallest to largest, regardless of interest rates or fees. Having a definitive roadmap focuses your attack path. 

• Deploy “debt avalanches”: While paying minimum on larger debts, start throwing ALL disposable income at the smallest balance until extinguished. Then roll that payment amount onto the next smallest balance in an accelerating “debt avalanche” cycle. 

• Leverage quick wins: Scoring fast victories over small balances provides motivational dopamine hits that reinforce commitment to the process of slowly burying those bigger debts. 

• Use savvy balance transfers: If you can qualify, consolidating all balances onto a new 0% APR promotional balance transfer card for 12-18 months can turbocharge debt paydown progress. 

This “debt snowball” technique combines structured payments with psychological momentum and interest rate optimizations. It’s proven remarkably effective for cardholders diligently persevering through the long payoff journey. 

Attack it like a temporary obsession 

Extreme circumstances also call for extreme measures. For Type-A personalities willing to temporarily transform into lean, mean debt obliteration machines, tactics like: 

• Slash ALL nonessential expenses: Temporarily suspend any discretionary spending like restaurants, bars, entertainment, new clothing, etc. Any dollar not supporting basic needs fuels the debt payoff. 

• Embrace additional income: Explore income supplement options like freelancing, gig work, cash jobs, or even finding a second part-time position dedicated solely to debt service. The advent of remote work has made it a lot easier to have a side hustle these days.  

• Strategic downsizing & selling: Downgrade your housing, car, or cable/utility packages while simultaneously purging your home of unused assets and valuables to generate funds for lump sum payments. 

While uncomfortable, this scorched-earth approach rapidly redirects money flows towards accelerating your debt freedom date through sheer willpower and devotion. The end justifies the temporary means with laser-focused austerity. 

Leverage debt negotiation 

Of course, sometimes even your most herculean efforts won’t realistically scratch the surface of a $20,000 balance before interest fees and finance charges put you firmly back into the red. 

In cases of genuine financial hardship or inability to make minimum payments, engaging debtors to negotiate settlements and discounted lump sum payoffs can make the $20k payoff goal more achievable. 

Common debt relief tactics include retaining third-party debt settlement firms to negotiate payoffs as little as 25%-30% of your total balances owed in exchange for closing accounts. 

You can even attempt “self-settlement” by directly explaining your situation to creditors and broaching settled payoff agreements yourself if confident in deft negotiating skills. Just brace yourself for inevitable pushback, transfers, and stall tactics from debt collectors looking to collect the full amounts rightfully owed. 

Work with an industry leader 

You know our famous jingle, so isn’t it time you got to know why JG Wentworth has become synonymous with debt relief and structured settlements? Give us a call to speak with one of our dedicated debt relief specialists. If you have $10,000 or more in unsecured debt, you may be eligible for our Debt Relief Program.* Some basic perks to consider: 

• One monthly payment 

• We negotiate on your behalf 

• Average debt resolution in as little as 48-60 months 

• 24/7 support 

• We only get paid if we settle your debt 

If you think you qualify for our program, give us a call today so we can go over the best options for your specific financial needs. Why go it alone when you can have a dedicated team on your side, helping you accelerate your return to financial freedom?