Updated July 2020

Using a credit card is a great way to establish credit and can pave the way for more advanced borrowing like a car loan, personal loan or mortgage. Unfortunately, not all credit cards have good terms and some cards come with extra fees and penalties that can be costly to the unsuspecting consumer. 

This is why it is important to thoroughly understand the terms of any credit card you use and make sure that you understand how the credit card companies make money on your debt. 

When you’re focused on getting out of debt, most folks get caught up in the process and don’t think beyond achieving that goal.  If this happened to you – don’t worry!  It’s happened to almost everyone who’s successfully eliminated large credit card debts.  But the fact is, if you are consistent and committed to paying off your debt, it will happen. So then what? If you don’t have a plan for what to do with your money once your debt is paid off, it can be all too easy to start a cycle of over-spending that will leave you where you started. Here are several things you need to do once your credit card debt is paid off.

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Updated June 2023

If paying off debt were easy, fewer people would be in debt! We know that’s not the case because the average American household has more than $9,654 in debt, and the average American with credit card debt owes $3,911.

The problem is not that we have debt, but instead, the mistakes that we are making that cause our debt to get out of hand. 

In this article

• Why is My Debt Out of Control?
• Top Reasons for Out-of-Control Debt
• How to Pay Off Debt Fast
• Mistakes to Avoid When Paying Off Debt
• How can I tell if my spending habits are healthy?
• How will I know when I am ready for new debt?
• Is debt consolidation my only option?