Sydney Thunder captain Mike Hussey uses his credit card frequently but is diligent about paying it off quickly. Source: News Corp Australia

But implementing a simple five-step plan of attack now will help you tackle the piles of unwanted debt and wipe out those hefty balances within months.

Reserve Bank of Australia figures show Australians already owed a massive $49.6 billion on plastic, with more than $33.4 billion of that accruing interest, and that was before they started Christmas shopping.

So here’s MoneysaverHQ’s guide to slashing that mounting plastic debt and returning to the black.

1. DESTROY THOSE CARDS

This is an easy way to put an immediate stop to the temptation of spending more on your card.

Mozo found the average credit card rate is 17.49 per cent and on some cards the rate is as high as 23.5 per cent.

This is an expensive way to buy things if you are not paying your card off in full each month.

Whether it’s scissors or a saw, rip up that card and say goodbye to plastic debt.

2. PLAN OF ATTACK

Checking your latest card statements and work out how much debt you owe.

Then set up a realistic plan of attack on how to pay it back.

“Get organised and make a monthly repayment plan for yourself,’’ comparison site Mozo’s spokeswoman Kirsty Lamont says.

“Determine how much you can afford to pay off your card each month and set down a repayment amount.”

She suggests the best way to do this is by setting up direct debits that automatically go onto your card debt.

SAVE MONEY: COMPARE CREDIT CARD DEALS

3. PAY OFF MORE THAN THE MINIMUM AMOUNT

This is the key to culling credit card debt.

By simply paying off the minimum amount it will take you years longer to kill your debt and you’ll fork out a fortune in interest charges.

The MoneySmart.gov.au calculator shows, on the average card debt of $3173 with an interest rate of 17.49 per cent, the minimum monthly repayment starts at $65.

The cardholder would end up taking 24 years to pay off the debt and pay more than $6400 in interest costs than if they more than doubled their minimum repayments.

Outlaying $155 per month the cardholder would take just two years to pay off the card and fork out interest of $550.

4. BALANCE-TRANSFER DEALS

Lamont says there are plenty of great balance transfers available on the market which allow customers to cut debt without paying interest.

“With a balance-transfer card you can avoid paying interest on your card for up to 18 months, this means more of your repayments will be going towards your debt rather than your interest charges,’’ she says.

“They can help you pay off debts faster.”

But if you do switch to a balance-transfer card then cut it up immediately so there’s no temptation to spend on it.

Balance-transfer deals allow customers to transfer plastic debts from one card to another and in many cases enjoy zero per cent interest rate periods to shave back the debt.

Mozo’s database shows 18 months is the longest interest-free deals available on these types of cards.

But if you make purchases on the card or fail to pay it off over the interest-free period you will be hit will higher than average rates.

SMASH DEBT: COMPARE BALANCE TRANSFER DEALS

5. ONLY PAY USING DEBIT

Adopt a new approach to paying for goods in 2015.

MoneySmart’s senior executive leader Miles Larbey says, “stop using the credit card and look at alternatives such as paying by debit card.”

This will put the brakes on your card debt becoming bigger and also means you are only using money you already have and not money that you don’t have.

Sometimes retailers will give you discounts when paying in cash and some banks offer cashback when you pay by debit card so it’s a win, win.

6.DON”T BE OUTPACED BY INTEREST

Sydney Thunder captain Mike Hussey knows all too well how to smash down credit card debt.

The champion batsman uses his credit card frequently but adopts a diligent approach to paying it off.

“We tend to pay quite a few of our bills on the credit card and everyday sort of living,’’ Hussey says.

“We keep a reasonably close eye on it, we are a pretty conservative family, we don’t live beyond our means.

“There’s not too often that we’d max out our card.’’

Hussey says credit cards are a convenient payment method, so long as you demolish the debt before interest accrues.

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