Getting Out Of Debt: 5 Ways To Pay Off Your Credit Card Faster
When your income and your expenses are out of balance and you’re having trouble covering your bills, what do you do? Try to make more money, or try to cut costs wherever possible?
Maybe you try a combination of the two tactics: implementing so-called “austerity measures” to control the outflow of money, while also picking up a side gig to earn a little more income. But whatever you do, it’s easy to accrue some credit card debt while you’re figuring things out.
Once you’ve got that rotating balance, you’ll want to pay it off as quickly as possible. So the question that arises then is, what’s the best way to go about zeroing out your debt? Here are five things you can do to pay your credit card debt off a little—or a lot—faster.
- Apply for a balance transfer credit card with a 0% APR introductory offer. The best way to pay off debt quickly is to transfer debt from a high interest credit card to a card with a no-interest promotional period on balance transfers. This way, all the money you pay toward your credit card debt goes toward paying off the amount due, not toward interest charges. This helps you pay off the balance much faster.
- Stop putting new charges on your old credit card. If you’re still using your high interest credit card with a rotating balance that never gets paid off, you’ll never be able to get ahead of your debt. The best thing to do is put aside your card and not use it during the time you’re paying down the balance.
- Use a credit card with a low APR. If you need to keep using a credit card and cannot pay the balance in full each month, then make sure you are using a card with a low APR. This way, you’ll pay as little interest as possible.
- Make all payments on time. Whatever else is happening, be certain that you pay your minimum amount due on every card, every month. This way you won’t be in default of your card agreement and risk having the debt sent to collections.
- Keep an eye on your credit score. Maintaining a healthy credit score will give you more financial options to pay down your debt. It’s easier to be approved for a low interest credit card or a balance transfer card if you have a healthy credit score. So make sure to check your credit report regularly.
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