ROCHESTER, N.Y. – This consumer alert looks at a dirty four-letter word. Debt. The Federal Reserve Bank of St. Louis published last week a thorough analysis of American debt that was eye-popping.

It said the average U.S. household with credit card debt is carrying a balance of around $7,226. According to Forbes, the average credit card interest rate this week is 27.65 percent. So at today’s rate, we’re paying more than $165 a month in interest alone. That’s why paying off credit card debt is critical if we’re to become financially healthy. Personal finance experts tell us there are two primary ways to pay off debt.

Let’s look at the snowball method. First list your debts from smallest to largest. Then you make minimum payments on all credit card debts, except the smallest one. For the smallest debt, you pay as much as possible. Once you’ve cleared the smallest debt, keep that snowball rolling. Roll that payment over to the next credit card debt on your list. Then repeat that process until all debts are cleared.

With the avalanche method, list all your debts. Then pay extra on your debt with the highest interest rate. When you’ve paid that off, move to the card with the next highest interest rate, paying extra on that one while paying the minimum on everything else. Keep repeating this process until all credit card debt is paid.

But Jarrett Felton, personal finance expert and founder of wealth management firm Invessent, says you may want to consider a third option.

“My thought is if there’s a way to get a personal loan because a personal loan is amortized over a period of time, a 3-year, a 5-year, a 7-year whatever the terms are, and that type of debt is looked at more favorably than having credit card debt,” said Felton.

So why is amortized debt viewed more favorably? It’s because that loan is broken down into fixed payments over a period of time until the loan is paid off. Personal loans also tend to have lower interest rates than credit cards.

Click here for a list of the best personal loans recommended by USA Today.

Click here for the best personal loans recommended by Forbes.

But here are some of the cons of personal loans. If you have poor credit, the interest rates can be as high as credit cards. Personal loans can also have high fees and strict requirements.

Whichever method you choose, Felton says you must commit, and you will see results.