Credit card debt isn’t only a nuisance — it’s a suffocating financial problem that’s sweeping the nation.
Currently, 1 out of every 11 Americans who have credit card debt believes that they will never be able to pay off what they owe in their lifetime. And, that makes sense.
Racking up credit card debt is a breeze. Paying it off can feel like a nightmare.
That said, there are a few tricks to tackling debt that can help you pay off what you owe without having to alter your life drastically.
Ready to take on your credit card debt, but aren’t sure where to start?
Here are five essential tips on paying off credit card debt faster to help you dig your way out of the hole as soon as possible.
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1. Drop Your Cards
First thing’s first. If your bathtub is overflowing the only way to fix the problem is by shutting off the tap. If you start trying to dump buckets of water out the window without stopping the actual flow, you’re not going to make any progress.
This same principle can apply off your credit card debt.
You need to stop using your credit cards. Cut them up, lock them away, do whatever you need to do, all that matters is stopping the water.
Once you’ve stopped accumulating debt, tackling it becomes much, much more manageable.
Trying to pay off all your cards all at the same time can spiral into chaos faster than you think. So, unless you plan on taking a large installment loan to pay it all off at once, it’s essential that you prioritize and focus on paying off one card at a time.
There are a few different ways to go about this.
The best option is to take on the card with the highest interest rate first. The longer you have that card, the harder it will be to pay off.
That said, paying off high-interest cards can take a while, and while you’re paying them off, your other cards are still racking debt.
Fighting these shorter battles first will stop lesser cards from getting more expensive and leave you unhindered when it comes time to take on the worst of the worst.
3. Budget Accordingly
Unfortunately, life doesn’t stop just because you’ve decided to deal with your credit card debt. Bills will keep coming in, groceries will still need buying, and other random expenses are going to keep popping up.
The key to paying off credit card debt without putting a hold on the rest of your life is budgeting.
The 50/30/20 rule is an excellent rule to live by when trying to tackle your credit card debt because it accounts for it.
While 50% of your income can still go to needs and 30% can go to wants, a portion of, or the entirety of the final 20% can go directly to paying off your debt.
When you account for your debt when planning your monthly budget, it seems a little less scary when it comes time to pay.
Paying off Credit Card Debt Faster
Credit cards can be a highly useful aspect of our financial lives when handled the right way. And, while a level of debt can be beneficial for your economic health, too much can drown you before you know it.
By following these tips, paying off credit card debt faster will seem like more of a reality than a distant dream.
Are you looking for more financial tips, tricks, and advice? We’ve got you covered!
Check out our other articles for advice on everything from finding the right credit card for you to picking a loan to help ease current debt.
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