5 best ways to get out of debt — including the tools and methods to use

If you have high-interest debt, such as revolving credit card balances, trying to pay it off can be a major undertaking. You need a lot of patience, resolve and most importantly, a strategy.

CNBC Select breaks down the five best ways to get out of debt. Whether your credit is in good shape and you just need the right tools or you're struggling to even keep up with the bills, one of these methods will likely be a fit for you.

• Consolidate your debt
• Focus on high-interest debt
• Start with the small balances
• Pay more than the minimum payment
• Consider debt relief
• Bottom line

Juggling multiple debts can be overwhelming. As you're keeping track of numerous payment due dates, interest charges continue adding up. The process is most likely a demanding experience for both your financial and mental health.

Debt consolidation can bring some relief. When you consolidate your debts, you roll them into one — hopefully, with a lower interest rate. You take on a new debt and use the funds to pay off your creditors. Now, you only have one balance and a single monthly payment.

For credit card debts, a balance transfer credit card is perhaps the most cost-effective debt consolidation tool. After you apply for this type of card, you can move balances from your existing card for a small fee (usually 3% to 5% per balance). Then, you can take advantage of a 0% APR promo period on balance transfers, meaning that for a specified period you won't pay any interest. Depending on the card, this period can be almost two years. For instance, the Wells Fargo Reflect® Card currently offers 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers made within 120 days from account opening (18.24%, 24.74% or 29.99% variable APR thereafter; balance transfer fee of 5%, min $5).

Note that balance transfer cards usually require at least good credit (a FICO score of 670 or higher). If your credit isn't quite up to snuff, you still have options.

A debt consolidation loan is another way you can combine your balances. You apply for a personal loan, pay off your creditors, and again, have just one debt to pay off. The only potential upfront cost is an origination fee which many lenders charge to process an application. Further, the loan has a fixed interest rate and monthly payment. You also can get more time for repayment as a typical debt consolidation loan has a term between one and five years.

CNBC Select ranked Upstart Personal Loans as one of the best personal loans for those who want to consolidate debt due to its favorable terms and more lenient eligibility requirements.

The lowest interest rates are reserved for those with high credit scores, but still, it's possible to qualify for a debt consolidation loan with bad credit. For example, Avant works with borrowers with lower credit scores and only charges an origination fee of up to 4.75%.

If you have a low credit score that's preventing you from reaping the benefits of debt consolidation, it might be time to get strategic with repayment. And perhaps one of the most effective strategies is focusing on your high-interest debt.

This method of debt repayment is known as the avalanche method. Its goal is to eliminate your most expensive debt first to save you the most money. As you continue making minimum payments on all of your balances, you put extra funds toward the debt with the highest APR first. Once you pay off that debt, you move to the next most expensive one.

Sometimes, tackling your most expensive debt can be emotionally grueling. It can test your willpower and patience, especially if it's taking a long time.

If you need some motivation along the way, you might want to try a different approach. The snowball method focuses on your lowest balances first. You're still making your minimum payments, but any extra money you have goes toward the easiest balance to beat. This way, as you see your first debt paid off sooner, you hopefully get the confidence boost to keep going.

As you can see, the snowball method can potentially lead to more money lost to interest charges and a longer repayment period. But if your dedication to getting rid of debt is at stake, that sacrifice might be worth it.

If all else fails, make a point to make more than the minimum payment on your cards. When you only put the lowest amount required toward high-interest debt monthly, your interest charges keep swelling, possibly even outgrowing your original balance. In such a situation, your cards can take years to repay.

Do the math and figure out how much you need to pay to decrease your balances as quickly as you can — or at least to prevent them from growing further. To keep it simple, you can use a calculator — like one provided by Experian.

The last resort option is debt relief. When you hire a debt relief company, they negotiate with your creditors to lower the amount you owe. While this process is ongoing, you stop making any payments and save for debt payoff in a savings account.

Note that this is a highly risky approach. The results aren't guaranteed, but your credit score will take a hit from the missed payments. You may even face potential lawsuits from your creditors. On top of that, it's not uncommon to come across a debt settlement scam so it's crucial to find a reputable company. CNBC Select recommends New Era Debt Solutions which has been in business for over two decades and has an excellent rating with BBB. National Debt Relief is another top pick for those with larger debts.

Debt payoff can be a tough task. Luckily, there are some excellent strategies to tackle it, from debt consolidation to credit card repayment methods. And if you find that you're struggling to do it on your own, don't hesitate to reach out for help. Look into credit counseling from non-profit organizations where a trained professional will look into your finances and recommend the next steps.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit guide is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit products.

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