Eliminate Credit Card Spending
You must immediately eliminate credit card spending because you
will never pay credit card debt off if you continue to add to the
outstanding balance. The interest on that debt added with a climbing
balance will make it impossible to ever pay off.
Pay More Than The Minimum Payment
Always pay more than the minimum payment on the credit card you
want to eliminate first. Paying the minimum payment makes you keep
paying that high credit card interest rate. That's exactly what
the credit card companies want because they are making a fortune
off of that interest.
The best way to pay credit card debt off is start paying off the credit
card with the highest interest rate first. Pay the minimum monthly payment
on the others. Once each card is paid redirect your funds to the next
highest interest rate card so you can eventually get rid of credit card
Snowball Debt Payments
Snowballing debt payments means to transfer credit card debt from a high
interest rate card to a low interest rate card. By doing this you pay
a greater amount of money towards the balance and less interest on debt.
This increase in the amount of money you pay toward your outstanding balance allows you to snowball your efforts and pay credit card debt off quicker. It's worth looking at each individual card and determine how much interest you are paying with each of them.
Renegotiate With Creditors
Contact your credit card company and ask for a lower interest rate. They may want your business enough to lower it. The interest savings to you will multiply your efforts to pay credit card debt off quicker.
One last tip is, if you choose to close your credit card accounts, do not close them until after the final bill has been paid. Some credit card companies will penalize you by raising your interest rate if you close an account that carries an outstanding balance.
If you are ever going to get rid of credit card debt it's important to
set a realistic budget for yourself. Lower your spending in all areas
so you can pool your available cash to pay off your balances quicker.
Think of how you will feel when you pay credit card debt off and you are
finally free of high credit card interest.