The Best Tricks To Pay Off Credit Card Debt Fast
It’s easy to lecture people about getting into credit card debt, but it’s also easy to get into debt over your head without even realizing it. First, you’re charging one small purchase that you plan to pay off as soon as you get paid, and the next thing you know, your credit card balance is higher than your next paycheck and you end up having to carry the balance over from month to month.
If this has happened to you, don’t despair. Feeling guilty about debt is a waste of time. Your mental energy is better spent figuring out a way to pay off your debt so it doesn’t weigh on your mind anymore at all. Luckily, there are a few great tricks to help you pay down your credit card balance quickly. If you implement them and stick to it, you’ll soon be back on top – and then the shoe will be on the other foot, and you can be the one lecturing your friends about credit card debt.
• Apply for a balance transfer credit card. The absolute best thing you can do to cut the amount of time it takes to pay down your debt is to transfer your balance to a 0% APR credit card. Many cards offer an introductory rate of zero percent, lasting anywhere from six months to nearly two years. If you’re paying interest on your balances, and especially if you’re paying a high interest rate, apply for a new credit card and transfer your balance so you can save on that interest.
• Consolidate your debt onto one card. You can transfer more than one balance to your new no-interest credit card, so if your debt is spread across cards, take advantage of this and put your entire debt load onto your balance transfer card, if the credit limit allows. Having all your debt on one card will make it simpler to keep track of, and ensure that it’s all at a zero percent interest rate.
• Utilize account management tools. Many card issuers offer a wealth of tools on their online account centers; customers can make a paydown plan, analyze their spending, and see how long it will take to pay off their debt depending on how much they pay each month. Take advantage of all the tools offered by your card issuer, and you’ll be able to feel in control of your debt repayment plan.
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