Lucy Lazarony

Editorial Disclosure: The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.”

Paying off credit card debt takes time and persistence and whole lot of discipline as you move those card balances all the way down to zero. These debt reduction tips and strategies can help. Here are 10 ways to eliminate credit card debt.

1. Pay down credit cards with biggest APRs first

To get the most bang for your pay down buck, pay down the credit card with the biggest annual percentage rate first.  You’ll knock down this balance and pay a lot less in interest at this high interest rate, saving you money. Once the card with the highest APR is paid off in full move on to the card with next highest APR and so on. Your wallet will thank you.  

To get the most bang for your pay down buck, pay down the credit card with the biggest annual percentage rate first.  You’ll knock down this balance and pay a lot less in interest at this high interest rate, saving you money. Once the card with the highest APR is paid off in full move on to the card with next highest APR and so on. Your wallet will thank you.  

2. Pay off credit cards with small balances

Need a pay off momentum boost?  Pay off a credit card with a small balance. Tackling a small balance makes it whole lot easier to move that balance to zero.  And you have a free and clear credit line when you are done. Choose the card with the smallest balance first and when that card is paid in full move on to the next smallest balance and so on.  And you’ll be paying down your credit card debt in no time.

3. Make two payments a month

Sending an extra credit card payment a month is a great way to tackle interest charges. Just be sure to make one of those payments by the credit card’s due date, making your card’s minimum payment requirement. Send an extra payment after that and you’ll help to knock out some interest charges before the card’s interest cycle begins in the next month.

4. Double your minimum payment

A great way to take a crack at card debt is to double your credit card’s minimum payment. Whatever the minimum payment is for a credit card, simply double it and you’ve got a good strategy for paying down debt.  Stick with it and your credit card will be clear of debt before you know it.

5. Stop charging

The best way to get a grip on growing credit card debt is to stop charging. Stop adding to new balances will help you get a handle on just how much you owe and how much you are paying in interest charges. It is a lot more confusing and expensive when new balances keep getting added in.

6. Rethink your budget

You need to reimagine your budget without using credit cards for extras or additonal expenses. So take a hard look at your income and your expenses for each month and see how much you have left over, without resorting to credit cards.

7. Eliminate extras

Now is a great time to eliminate extras from your budget that you can live without. Use the cash you find for paying down credit card debt.

8. Become a cash customer

Slow down your spending by paying with cash. You’ll able to see every dollar coming out of your wallet one at a time. And you’ll likely spend less than you would when reaching for a credit card.

9. Pay by debit card instead

Can’t give up the plastic? While paying down your credit cards, use debit cards to pay for routine items such as gas and groceries.

10. Follow through with your pay off plan

Whatever pay off plan you choose, stick with it. Persistence pays off. And it is possible for your credit card balances to fall all the way to zero.

Whichever debt reduction strategy you choose, stick with it and see it through.  Life is a whole lot better and easier on the other side of debt. Your credit score will go up and you’ll have less stress and worry about your finances.  A new beginning awaits.

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Advertiser Disclosure: Many of the listings that appear on this website are from companies which we receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not review or include all companies or all available products.

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