Credit Card Debt? Here's Your Escape Plan (Step-by-Step) Well over $1 trillion. That's roughly how much Americans owe on credit cards, according to Federal Reserve data. If you're drowning in credit card debt, this guide is your lifeline. The Real Cost of Credit Card Debt A big balance at a high APR: Pay only the minimum each month, and you could stay in debt for years while interest piles up. You could end up paying well over double what you borrowed. Step 1: Stop the Bleeding (Today) Remove your cards from Amazon, food delivery apps, online stores. Put cards in a drawer. Not your wallet. Step 2: List All Your Debts (This Weekend) Create a table: Card name, Balance, APR, Minimum Payment. Knowing your numbers is power. Step 3: Choose Your Strategy Debt Avalanche: Pay highest interest first (saves most money). Debt Snowball: Pay smallest balance first (stays motivated). Step 4: Find Extra Money (This Month) Cut dining out ($200), subscriptions ($50), ...