How to Break the Cycle of Debt Credit cards have come a long way since 1950, when the first Diners Club cards came onto the scene. In many ways they simplify our lives, saving us time and making our wallets lighter. But the revolving cycle of debt—charge, charge, pay it off, charge again—and how best to manage it, continues to mystify many Americans. Even people with high incomes can get caught in the trap of buying things with credit and not paying off the balances immediately.

Getting out of debt and staying out of debt is often easier said than done. If you’re still trying to gain control of your credit cards, follow these five tips to recalibrate your financial system and break the cycle of debt once and for all.

1. Create a plan to pay off any lingering balances.