A $2,000 balance on your credit card—how did that happen? (Oh yes, dinner at Chez Fifi, new tires, school clothes for the kids…) Thankfully the minimum payment is only $35. You can afford that!

Stop! Before you write that check or make the payment online, consider this: if you make only the requested payments on that debt, your toddler will be entering high school before the balance is zero. At an annual percentage rate of 17.00% APR (the current average according to Creditcards.com), it would take almost 10 years to pay off, with an ultimate payout of a whopping $4,125.

Instead, disregard the requested payment on your statement and use the “consistent payment method” steps.

1. Determine a realistic and fixed amount you can pay each month.
2. Declare a moratorium on using the card until the balance is repaid.
3. Pay more when you can—but never pay less than your preset amount.

If you can manage $80 every month, you will repay the debt in less than 3 years with a final payout of $2,486. Increase the payment to $100 and the payoff time drops to 2 years with a final payout of $2,368.

Also, consider a balance transfer to a lower interest rate credit card like the Independence Credit Card from Kirtland FCU. The Independence Credit Card offers low rates and no balance transfer or annual fees.