Snowball or stacking? How to pay off your credit card debt

Global News

TORONTO – Last week we talked to personal finance experts about the biggest money mistakes Canadians make. Ringing up consumer debt on credit cards and not paying them off in full topped the list of mistakes we make that could cripple us financially.

READ MORE: The biggest money mistakes Canadians make

The numbers are significant: for every dollar that Canadians earn, we owe $1.63 to credit card companies, banks and other lenders. The average family carries $20,759 in debt, without factoring mortgage debt.

One of the first steps to getting on track financially is to pay off your credit card debt, but just how to do that isn’t always straightforward. If you have multiple credit cards and multiple debts, where do you start?

We asked experts to weigh in on the different strategies for paying off credit card debt.

Pay off the highest interest cards first

Debt “stacking” is…

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