The average amount of credit card debt that American families hold is just under $10,000. If you don’t have any credit card debt, congratulations. You are in the minority in our credit-addicted culture.

Whether your credit card debt is $10,000 or $100,000, you probably want to know the best way to pay it off and get back to even. Stephanie Colestock, writing for Five Cent Nickel, presents two different strategies for paying off debt as fast as possible. Both aim to minimize the length of time it will take for you to pay off your debt, minimizing the amount you will owe in interest over that period of time.

Compare the two and pick the one that works best for you here.

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