I must assist my spouse

It took a while to get here, but wow, am I relieved we’ve finally arrived. My husband and I have struggled with finances since our early 20s. We both enjoyed spending and got into credit card debt without paying it off. We’ve since learned from our mistakes and do pay our debts now. However, last year, I found out my husband had over $11,000 in credit card debt, and I was really upset that he hid it from me. That’s a whole other story, but we’ve made progress. He felt ashamed and needed help.
After reviewing every single credit card statement, we discovered that my husband doesn’t have a shopping addiction or a major spending problem. The issue? He has never paid the statement balance, not once. Because of this, his credit card debt, with extremely high interest rates, is no longer just from purchases it’s all interest. He didn’t realize this was happening. He has a great credit score, an auto loan, and a mortgage, but credit cards have been his downfall. Now that we know what the real issue is, I’ve tried to help him understand just how predatory credit card companies can be.
His total credit card debt is around $11,000. He makes $75k a year and lives paycheck to paycheck, throwing money at the credit cards without making any real progress.
I know he should start with the highest-interest card and pay the minimums on the others, but I’d love to hear some advice and tips on how to help him get out of this situation.

Consider paying off the smallest amount first. Next, use the funds to settle the next-smallest credit card. It gives you momentum and frees up money.

Best wishes.

The approach that is easiest on the mind is the snowball method. Once you pay off that first card, you see results very quickly, and the adrenaline rush of being debt-free is fueled by that dopamine hit.

It’s also the best way to spend as much money as you can. Unless two have the same interest rate, you should always consider the interest rate rather than the balance.

It took some time, but I’m so relieved we’ve finally gotten to this point. My husband and I have had financial issues since our early 20s. We both liked to spend and racked up credit card debt without paying it off. We’ve learned from those mistakes and now pay our debts. However, last year I discovered my husband had over $11,000 in credit card debt, and I was really upset that he kept it from me. That’s a separate issue, but we’ve made progress. He was embarrassed and needed help.

After going through every credit card statement, we realized the problem wasn’t a shopping addiction or overspending. The real issue was that he never paid the full statement balance, ever. So, with the high interest rates on his cards, most of his debt is now just interest, not new purchases. He didn’t even know that was happening. Despite having a good credit score, an auto loan, and a mortgage, credit cards have been his weak spot. Now that we understand the issue, I’ve been helping him see how predatory credit card companies can be.

He owes about $11,000 in total credit card debt, earns $75k per year, and is living paycheck to paycheck, trying to pay off the debt but getting nowhere.

I know the strategy is to focus on the highest-interest card first and pay the minimums on the others, but I’d really appreciate any advice on how to help him get out of this cycle.

The idea of paying off the smallest balance first, rather than tackling the highest interest, is more about psychology than math. People are motivated by seeing quick, positive results. Paying off the smallest balance provides a sense of accomplishment sooner, which encourages them to stay on track.

The main reason people stay stuck in debt isn’t due to the numbers it’s because they feel overwhelmed or give up. These are psychological factors. Paying off the smallest debt first is designed to combat this.

So yes, mathematically, you might pay a bit more overall, but you’re far more likely to actually pay off everything. Reaching the finish line, even with slightly higher costs, is still better than never getting there.

Spend less and, if you can, establish additional sources of income. Check to see if you can in good faith negotiate lower interest rates and smaller payments to prevent the balance from growing faster than payments.

Fortunately, he has a second gig working for his parents’ company. They aid by giving him $200 a week. Savings will help us pay for childcare, our mortgage, our groceries, our utilities, and other expenses.

A quick look at the numbers shows that with an $11k balance and a 25% APR, paying $500 per month would take about 30 months to clear the debt. If you increase the payment to $750 per month, it would take around 18 months.

The more you can pay upfront, the faster it goes, so if possible, making a lump sum payment would help a lot. You might also check if one of you (preferably him) can get a balance transfer offer on a new credit card. That way, you could move some of the debt to a card that won’t charge interest for 12-18 months, allowing you to focus on paying off the other cards while making just the minimum payment on the new card.
The key here is to tighten your budget as much as possible for about a year and put every available dollar towards the debt. When I was in college, I managed to pay off my loans before graduation while working on minimum wage. It wasn’t easy my girlfriend and I were both in debt, and we had to get creative to enjoy life without spending. At one point, I was eating one meal a day, which was two packs of ramen for $0.39 each.
It was tough, but pushing through and staying focused was worth it in the end the feeling of being debt-free was incredible.