Credit Card Debt: Fast 5 Ways To Pay-Off

Credit Card Debt: Fast 5 Ways To Pay-Off

I personally experienced that if we have any kind of debt on our head, then we feel stressed. It’s very hard to pay back. I believe that debt is one weird thing to have in life. Whenever I’ll go to the shopping, I usually feel that it’s not the right time to buy the items. For example, if I wanted to buy branded clothes which are around $1000 and on the same side, I think that why I am spending this much amount of money on clothes. It is better if I can pay my credit card debt or other debt. I can buy the clothes from local shops so that I can save money for my other expenses. I think might be this is the same thing happened to you sometime.


If you have a credit card it’s not bad but you don’t pay back then it’s really bad. Credit cards basically affect your financial history and other stuff too. You may know that there are many benefits of having a credit card. It will give you some loyalty points and discounts on shopping too. But you need to take care of what are you spending and how you can pay it back.

I have marked some important points below on how to pay back credit card fast.


  1. Pay more than the minimum payment – Every month you will get the credit card statement in your email or by post. And that statement states where you spent the money, what is your minimum payment and most important is the due date. I normally get my statements in the first or second week of the month. I need to pay back either the whole amount or have to pay at least the minimum payment before the due date. Keep one thing in mind always about your card interest rates. Credit card interest rate are very scary. Most importantly try to avoid cash in advance from the card.


If you are paying mostly the minimum payment it basically means that you are paying only the interest not the principal amount. And this is biggest advantages of banks they earn money from your credit card. So try to make the payment as much as you can which can be more than the minimum. If you will pay more than the minimum payment, then it will help you to save some interest. At the same time, you are paying principal amount.

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2. Look for higher rate of interest first – A lot of people usually forget about the higher interest rates. If one credit card is charging you 10% per annum and other is charging you 8% per annum. Then which will you consider first? Obviously 10%. First you need to focus on the debt which falls under 10% and pay it before even touching the other debt. So, in meantime, the other interest will get accumulated. It’s seems like bit too hard but you need to play around.

If your interest rates are same and you have to pay a number of payments each month, then make the minimum payment with the lowest balance. As long as you are paying the lowest balance first, it will get disappear quickly. Once it’s get done, do the same thing with the other one. But add the payment you would have paid on the lowest debt to the minimum payment on your next card payment untill, it disappear too. These kind of small and small payment each month make you feel satisfactory and will help you to become debt free.


3. Talk to credit card companies – This is one of the best factor to explain your financial situation and ask if they can help you in some other way. Many companies will offer you and lower your interest rates for a certain period of time. Or they can waive the current fee on you credit card balance. These opportunities will give you to pay off you credit card fast. Moreover, If you are with them from a long time, while some companies don’t care the customer loyalty but some do. Those do, they understands the situation of the customer and might they can help you in other way to make customer happy and loyal.

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If you don’t understand and you are not satisfies on the first level, ask them if you can talk to the supervisor. You never know the time and might be you will get the good answer. Check out the interest rates that other offer and compile.


4. Do not close card with existing balances – It seems like an easy way to handle the debt but it is more painful. It would directly affect your credit score and you will still be on the hook of the debt. Don’t not make your credit score bad. It will harmful for your future purpose.


5. Save money – Many of us wants to save money but we can’t. Try to avoid those things which you don’t really need it. If you really wanted to buy anything look for the sales and discount. Personally I always look for the other ways to get the stuff in cheap price. Sometimes if wanted to buy kitchen untensils, I always look over discount or it doesn’t matter if I cannot find the branded. Still I can get the good quality from the local brands and it really works well. My personal recommendation avoid the things you don’t need and this will help you to save and pay your debt.


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