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Pay Off Credit Card Debt

Updated on March 14, 2008

Rising Credit Card Debt

It seems that everyone nowadays has credit cards. Even college students are getting approved for credit cards before they even have an income. It is very difficult for many people to be careful with their credit card spending, especially during holidays and other special occasions. If you've charged way more than you intended, there are ways to pay down your credit cards more quickly. Here are some tips for getting rid of credit card debt.

Ignore Minimum Credit Card Payment Amounts

Absolutely pay more than the minimum amount on your credit cards each month. If you only pay the minimum required payment, you could be paying off credit cards longer than you pay off an automobile. With large credit card debts, the pay off could take even longer.

Highest Interest Rates First

If you have more than one credit card, pay off the credit card with the highest interest rate first, not the one with the highest balance. Pay as much as you can each month on the credit card with the highest interest rate until you get it paid off. Then move on to your next credit card with the highest interest rate.

Pay Off Credit Cards, Don't Save

If you have money in a savings account, withdraw all of it to help pay off your credit card debt. It makes no sense to let money sit around drawing 4 or 5% interest when it could be used to get rid of debt with a much higher interest rate.

Credit Card Offers

Watch out for special credit card offers. We all get these in the mail from time to time. These are the credit card deals that agree to let you transfer your credit card debt and pay little to no interest on the balance for a specified length of time. When you get one of these credit card offers, transfer your balance and pay as much as you can on the new card while the special offer is in effect.

Do your research before transferring a credit card balance, however. Many of these offers have hidden stipulations in the fine print. Be sure that there aren't any ugly surprises hiding in the legalese.

Little Things Add Up

Try to find little ways that really add up where you can save money. For example, don't stop at the coffee shop every day and get a large specialty coffee and muffin. Just doing this alone could give you an extra $125-150 each month. Use that money to help pay off your credit card debt.

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    • profile image

      john 9 years ago

      It happened to me. Before you know it, you are in over your head.

    • DarleneMarie profile image

      DarleneMarie 9 years ago from USA

      Sound advice and tips for paying credit card debt! It is easy for people to charge; however, you do have to pay it back eventually...and pay dearly at that!

    • Eileen Hughes profile image

      Eileen Hughes 9 years ago from Northam Western Australia

      Agree with this. The best way to get rid of credit card debt is to cut them up.

      Definitely agree with you on paying it rather than saving in bank.

    • Whitney05 profile image

      Whitney 9 years ago from Georgia

      Great tips. I'm trying to pay off one of my cards. I kept buying reptiles for breeding projects, and it was just easier to use credit. Oops.

    • Angela Harris profile image

      Angela Harris 9 years ago from Around the USA

      Marlo, it is true. People can just get carried with credit cards. Before they know it, they're up to their ears in debt. And yet, banks still keep sending them credit card offers.

    • MarloByDesign profile image

      MarloByDesign 9 years ago from United States

      It is amazing to me how people get into credit card debt into the first place. I recommend using your credit card to pay for everything (in my opinion), and wrote a hub about it, but many people can get themselves into trouble by doing that!