The Harvard Business Review has published a story on “the best strategy for paying off credit card debt.” The research, originally published in the Journal of Consumer Research by Keri L. Kettle et. al. benefits the millions of Americans who are literally $1.13 trillion in collective credit card debt according to the Federal Reserve Bank of New York. Those trapped in the cycle of debt could truly benefit from a solution, so it’s worthwhile research.
The researchers (hereafter Kettle & Co.) tested a couple different methods for credit card debt reduction:
- Dispersing payments equally across multiple credit cards each month.
- Concentrating as high a payment as possible on one account at a time.
Their results were definitive and monumental! Truly a groundbreaking study! At last we know the one true way and light of how to pay off credit card debt!
I jest, of course. Because—say it with me now!—personal finance is personal. If there were one singular, perfect solution to credit card debt, everyone would use it and it wouldn’t be the question that launched a thousand personal finance influencers.
Today I want to break down a few of the different methods that work for paying down credit card debt. I’ll cover Kettle & Co.’s findings, some conventional wisdom from those who have survived debt, and one of the most hated, obnoxious, and ethically questionable men in personal finance media.
For verily, I say unto thee: Even a broken clock is right twice each day.-The Book of the Bitches, Chapter III, verses 5-6