13 Tips To Pay Off Credit Card Debt ASAP

There are many ways to pay off credit card debt, although some are better than others. Choose what works best for your lifestyle and work to get your payments made in full.

Combining your debts helps by transferring several higher-interest balances into one loan with a lower rate. Consolidating debts lets you settle your credit debts faster without increasing payment amounts.

Consolidate Debt

Assuming they'll lend you money without charging interest, you could set up a monthly payment plan with them. That way, you'll be able to pay off the debt without accumulating additional monthly fees.

Borrow Money From Family or Friends

Use a Balance Transfer Credit Card

A balance transfer involves transferring an existing credit card balance to another card. A balance transfer can be an excellent method to pay down credit card debt and save money with a lower interest rate.

This is referred to as the “Avalanche method.” After paying off the highest interest card, you'll have more money to put toward the next highest interest card and pay it off even faster.

Pay Off High-Interest Rate Debts First

Use the Snowball Method

Similar to the avalanche method, the “Snowball method” involves paying off the credit card with the smallest balance first. Once the first balance is paid off, you can apply that payment toward the next smallest balance and pay it off even faster.

If you've already built up an emergency fund, and have a separate savings account for irregular expenses, consider dipping into this cash to get out of debt quickly.

Use Your Savings

Cut Down on Your Expenses

You can speed up the process of paying off debt by freeing up some cash each month. Look at the previous 30 days' spending to see what you can do without. Use the money you save to put toward your credit card debt.

Swipe up to learn more!