Credit card debt can sometimes feel like a burden that will take years to pay off. And the longer this debt hangs around, the more difficult it will become to repay. There isn’t one “right” way to tackle your credit card debt. But the fact is, if you want to get rid of that debt once and for all, you need to commit wholeheartedly to a repayment plan — and stick to it. Below, you’ll find some of our favorite tips to repay credit card debt quickly.
Pay More than The Minimum
The only way to repay all of your credit card debt quickly is to pay more than the minimum due. If you’re using a credit card for convenience and it has a low-interest rate, it can be tempting to only pay as much as you’re required to. But you want to avoid doing this. You’ve got to ensure that you’re consistently paying off as much as you can. Not only will this help you bring down your credit utilization ratio, but it will also help you become debt-free sooner.
Pay Off Your Smallest Balances First
When starting off, focus on paying off your smallest balances first. This is because they’ll take the least amount of time to pay off, which means you’ll have one less payment to worry about. It’s not uncommon for people to have on hand multiple credit cards with different cash advance limits, so use this to your advantage by focusing on paying off those with smaller balances first.
Repay the Debt that Has You Paying the Most Interest
If you have multiple cards with high-interest rates, pay down the one with the highest rate first. You’ll save money in terms of the interest payments by paying off that card first because it will be accruing interest at a higher rate than any other card you carry.
Consolidate Your Debt Into One Loan if Possible
If you have different types of loans and debt — such as credit card debts and car loans — try consolidating them into one loan with one lender if possible. You’ll likely be offered a lower rate than what you’re currently paying, which can help save you a lot of money in the long run (and make it easier to pay off). However, keep in mind that some lenders may charge higher fees for doing so — so make sure to comparison shop before
