Comment payer votre carte de créditSeptember 22, 2017

How to pay off your credit card debt quickly

Credit card debt can become an endless problem. This is because the interest charges will keep adding money onto the total amount that you owe. If you only make the minimum payments each month, even a relatively small balance can take years to pay off.

The answer, then, is to pay off your credit card debt quickly. This is obviously easier said than done, but there are ways to speed up the process and limit the amount of interest that you have to pay.

The first step…

You should stop using your credit card if possible. If you do use it, you will only be adding to the amount that you have to pay off in the future. At the very least, do not make your debt any worse. If you must use your credit card, pay off the amount that you spend as quickly as possible.

An alternative is to get an online personal loan. These loans are easy to obtain as long as you provide a pay stub and a bank statement. The money is deposited in your bank in a matter of hours. Choosing an online loan will save you from adding to your credit card debt.

How to find extra money to pay off your debt

The next step is to find extra money that you can put towards your credit card debt. You can start by looking at your monthly expenses. Can you cut back on your phone bills or internet bills? Can you save money by buying different brands or cheaper foods when you are at the grocery store? Find all the things that you can cut back on and then use the money that you save to pay off your debt.

Look for 0% APR offers

Some credit card companies have special offers that are designed to get people to sign up for their card. One of the most common involves giving new customers 0% interest on their balance transfers. This means that if you have a card that charges a high interest rate, you can move the balance from there to your new card and get 0% interest for the introductory period, which can be as short as three months and as long as a year.

There are two things to be aware of. First, you usually must have a good credit score (680 or above) to qualify for these offers. Second, most credit companies charge a one-time fee (typically 2% or 3% of the total amount transferred) for balance transfers. You will have to weigh these fees against the amount you will save on interest charges.

Pay more than the minimum

There are some online calculators that can help you figure out the payoff time for your current debt. The best rule, however, is to simply pay more than the minimum each month. You should realize that every time that you pay more than the minimum, you are cutting the amount of interest that you will have to pay overall and speeding up the payoff time.

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