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Text, Bank Notes. U.S. Bank.

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SPEAKER: Credit card debt is easy to build up but can take time and discipline to pay off. Here are three tips to help you get started.

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How to pay off credit card debt. Tip number 1, get the details on paper.

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Managing credit card debt begins with writing things down. List each of your debts along with your total income and expenses.

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Total debts plus interest rates.

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Use those numbers to make a budget. Knowing your income minus your expenses will help you figure out how much money you can divert to goals like paying down your debt.

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Tip number 2.

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The next step is to create a payoff plan. This should outline how much you can realistically pay toward your credit card debt each month and how long it will take to achieve your repayment goals.

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Monthly payment goal and payoff timeline.

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Let's say you've opened credit cards at all your favorite stores. And you're carrying balances on all of them. Part of your plan could be to pay off the card with the highest interest rate first.

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Prioritize cards with the highest interest rates.

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You can also look into credit card debt consolidation, which rolls all your credit card bills into one lower interest monthly payment. The amount you owe will still stay the same. But you'll pay less in the long run. Don't be afraid to ask about interest and payment options. And whatever strategy you choose, always try to make more than the minimum payment each month.

So you've listed out all your debts and come up with a payment plan that works for your budget. Now it's time to see where you can cut expenses and save some extra cash to lower your balance.

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Tip number 3, automate your savings. Cut expenses and save money.

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Consider setting up automatic transfers to your savings account every payday. That way you can put aside money for your card payments before you have a chance to spend it. Before long, you could pay off a chunk of debt without much effort.

Even little changes such as shopping the sales section or opting for generic products instead of brand names can really add up. Above all, make every effort not to add to your debt while you're paying it down. Paying off credit card debt takes time and effort. But it's a fundamental step toward financial security and freedom.

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