Are you drowning in credit card debt? We’re here to help!

Between the comfort and easy access to spending money you don’t have and the high-interest rates that come with credit cards, it’s easy to spiral and lose control of your finances. And few things will ruin your financial future faster than credit card debt.

You may have gotten to the point where you’re in deep and see no end in sight. So, we don’t blame you for wanting an easy way out. Which is why we’re here to help you take a positive financial step.

While paying off credit card debt is a challenging task that takes a lot of hard work and sacrifice, we’ll let you know the best ways to get out of debt as quickly as possible. Let’s look at 6 strategies for paying off credit card debt FAST!

Stop Using Your Credit Card Altogether

Once you decide to take the step towards being debt-free, you need to REALLY commit to the idea. This means switching to using your debit rather than your credit card and no more utilizing it unless you have to make payments requiring a credit card.

And if you do have to use credit, you should make the payment in full every month. If you feel like you can’t control yourself: grab a Ziploc, throw your credit cards in there, fill it with water, and pop it in the freezer!

Now, we understand that using your credit card at times is safer than using a debit. Especially when it comes to fraud and travel protection. In this case, be sure you calculate that spending into your monthly budget.

This approach is one of the fastest ways to pay off your credit card debt merely because when you stop increasing your debt, it’s easier to see it go down.

Get Everything On Paper

The first step to getting rid of your credit card debt as fast as you possiblly can is to write the balance of every credit card you have on a piece of paper. This helps in getting everything out in the open so that you know what you’re up against.

Now, we understand that this might be a little painful. The math can get a little overwhelming when you tally up all your debts. But don’t let it stop you or scare you into giving up. If you want to be rid of your credit card debt, your best course of action is to face it head-on.

So, get out something to write with and a piece of paper, and write it all down. And you shouldn’t be afraid to hang this piece of paper in a visible spot, like your fridge, so you see it every day.

This is a great tip to help you stay focused and motivated throughout your payoff journey.

Consolidate Your Debt

Consolidating your debt will allow you to combine a few higher-interest balances into just one with a lower rate. So you can pay off what you owe much faster without having to increase your payment amounts. Here are two of the most common ways of consolidating debt:

• Transfer balances: Benefit from a low balance transfer rate to move your debt off the high-interest cards you have. But be aware that balance transfer fees are usually 3% to 5%. Although, the savings from the lower interest rate can frequently be more significant than the transfer fee. So always factor that in when assessing this option.
• Tap into your home equity: If you happen to have equity in your home, you might be able to use it to pay off your credit card debt. A home equity line of credit might offer a lower rate than what your credit card companies charge. With this option, though, you should know that closing costs usually apply as well.

If you do choose to consolidate, bear in mind that it’s essential to keep your spending at a minimum to avoid racking up new debt on top of your consolidated one.

The Debt Snowball Method

No matter what kind of debt you’re trying to get rid of, we recommend the Debt Snowball payoff method. This method has worked like a charm for many in the past. You’ll be amazed how fast it helps you become debt-free.

If you haven’t heard of the Debt Snowball, it’s a form of paying off your debts from the smallest to the largest balance.

You pay minimums on all of your credit card debts, and every time you finish paying one, you use the money you were paying towards that debt and roll it into your next most considerable debt.

Basically, the payments you make toward each successive debt become bigger and bigger…just like a snowball! From a mathematical viewpoint, this may not be the best way to pay off your credit card debts.

But from a human perspective, it is exceptional! Why? Well, unlike the more standard method of paying off your high-interest debt first, beginning with your smallest balances will allow you to have some early wins.

This will motivate you to continue until all your debts have been paid off.

Don’t Just Pay The Bare Minimum

Whether we’re talking about an auto loan, a personal loan, or a credit card, your lender will set the minimum payment you must make each month. But this is often a minimal amount. Check out your credit card statement.

Paying the minimum balance on your credit card will take you much longer to pay off your entire bill. You’ll pay less overall interest if you pay more than the minimum. Your card company must chart this out on your statement.

So you can see how it applies to your bill. Paying more than the minimum will save you money on monthly interest payments, which will enable you to pay off your balance much faster.

We recommend you pay as much as you can every month towards your credit card debt to reduce your overall interest.

Budget, Budget, Budget!

Just like any other financial goal you might have, you need to figure out a daily strategy to help you achieve it. Simply put, you need to work out a budget and set a few boundaries for your financial life.

Also, budgeting can help you backtrack to see where it all went wrong, and it creates a debt payoff timeline to the point where you know exactly what you must do daily to achieve it.

For instance, if you have $10,000 of credit card debt at 0% interest and want to pay it off in a year, then you need to pay off about $835 each month. Without a budget, that may feel like an impossible task.

But if you lay out every expense and give every dollar of your income an objective, you might find that $835 is more than feasible.

We hope you got some valuable tips on how to get rid of your credit card debt quickly. If you need a bit of help staying organized, we highly recommend this nifty budget planner you’ll find on Amazon!

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