According to new data released by the Federal Reserve, the U.S. surpassed $1 trillion in credit card debt — the highest level since the Great Recession. This is generally a good sign for the economy, as it signifies that "consumers are spending more on big-ticket items, such as cars," The Wall Street Journal reports. However, on a personal level, taking on credit card debt that isn't immediately paid off can be a sign of financial distress. If you're struggling to pay back your credit cards, there are typically two effective ways to tackle it: The snowball method, which targets the smallest debts first, and the avalanche method, which focuses on the highest interest rates.

Rolfo | Getty Images

Here's a closer look at each: Snowball Popularized by "The Total Money Makeover" author Dave Ramsey, the snowball method prioritizes your smallest debts first, regardless of interest rate. To try it, start by listing out all of your debts, smallest to largest. Pay the minimum balance on each one, except the smallest. For that one, dedicate as much cash as possible each month until it is repaid. Then move on to the second-smallest debt. The idea is that you'll gain momentum by watching debts disappear — as you would watching a snowball grow bigger and bigger — and that will motivate you to continue. If you'd prefer to visualize your progress, personal finance blogger Derek Sall of "Life and My Finances" created a helpful spreadsheet that breaks down this method.