High interest rate debt is a lot like the beloved arcade game whack-a-mole. Even after consistently working away at it, due to the hefty interest charges, it just keeps popping back up. 

The average interest rate on traditional credit card debt is 19%, while some personal loans can have rates well above 30%.

This means that a $5,000 credit card balance at 20% interest would cost $1,000 a year in interest. There are so many more fulfilling ways to spend that type of money. Weekend getaway, anyone? 

Do this (rough) math for your debt: your debt x interest rate = annual interest paid. So what can you do to tackle it?

1. Consolidate or Swap Your Debt

Example: If you have $2,000 of debt on one credit card with 20% interest, and a $1,500 loan at 25% interest, you could try to get one single loan with a lower rate and use it to pay off your other cards.

What types of debt have lower rates than traditional credit cards?

Home Equity Lines of Credit (HELOC) - If you own a home, you may be able to get a loan called a HELOC, which uses your home as collateral. HELOCs have lower interest rates than other types of debt.

Personal Lines of Credit - If you have a decent credit score, you may be able to get one of these at a low rate. You can check your credit score for free here using Borrowell.
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2. Use KOHO for Everyday Spend 

Try moving away from credit cards until you’ve got your debt under control-or forever if you know they lead you to debt.

With KOHO, you can’t spend beyond your means. When the balance is $0, that's it! RoundUps, cash back, and Goals will also help you easily squirrel away money to help pay down your debt.

Learn more about RoundUps and cash back here; and what's the deal with Goals? Read on.