Debt sucks. There’s really no other way to say it. That being said, it’s important to prioritize paying off debt. The good news is that if you have the proper attitude and understand how to manage debt fast, you can pay off your loans in full.

However, it is worth understanding why credit card debt is so terrible.

Why credit card debt is bad

Having debt that you cannot pay off in full each month can affect your financial goals.

The worst case for the patient is bankruptcy. However, even the smallest debts due to credit card issuers could restrict your ability to save and how much you can invest. Because your money goes to paying creditors, it goes toward this purpose each month.

If you can promptly develop a repayment plan and pay off your credit card balance drastically, you can apply the money to pay for your aspirations. This will let you save and invest more, helping you to reach your financial goals quicker.

How to pay off credit card debt fast

Eager to pay down high-interest debts quickly? Read through the following list of 18 ways to slash your credit cards, car payments, and other consumer debt.

For the greatest impact, use these suggestions in your credit card debt-payment plan. Persist and before long you will see the difference these modest modifications will make.

Here are our best ways to pay off your credit cards quickly.

1. Stop all spending on credit

Once you are finished with debt, you need to really be finished with debt. This entails using your debit card and not spending on credit unless you must make payments that require a credit card. And then you should be paying that bill in full each month.

Otherwise, grab your Ziploc, put your credit cards in it, fill it with water, and freeze it!

Using your credit card is sometimes safer than using a debit card. Particularly when traveling and when shopping online, credit card fraud protection can be valuable. In this case, you should make sure you budget for that expense.

This is the fastest way to pay off debt because when you stop increasing your balance, the only place it goes is down.

2. Consolidate your debt into lower interest rate payments

It’s a good idea to consolidate your debt into monthly payments by transferring the balances of your different credit card and loan accounts to a single new credit agreement with a zero-percent APR or low introductory interest rate.

These lower loan rates will help you reduce your interest payments. A debt consolidation loan is only worthwhile if you can pay off your debt within the timeframe of the low introductory interest rate.

3. Consider a balance transfer card

Part of your debt consolidation plan may be to apply for a fresh balance transfer credit card offering 0% interest. Oftentimes, there is a balance transfer fee associated with your debt that you are transferring to your new card issuer. But financial institutions need to turn a profit off the deal.

If you want to pay off credit card debt quickly, then you may be in a hurry! But be sure to carefully read the fine print so you understand how your balance transfer card works.

You also want to have a good understanding of how the interest is applied, as interest rates tend to increase after the intro period comes to an end.

4. Work out the fastest way to pay off credit card debt

So how do you actually pay off your debts fast? The debt avalanche and debt snowball are two popular options.

With the debt snowball strategy, you will attack your smallest debt first. As you settle one debt, you will shift your minimum monthly payment and any additional funds earmarked for debt repayment to the next smallest debt. Your snowball will continue to grow as you take on increasingly larger obligations until you are finally debt-free.

The debt avalanche method is designed to help you pay off your loans with the highest interest rates first. In this debt payoff strategy, you will begin by paying off the loans with the highest rate, followed by the next highest rate, and so on. This has an avalanche effect on the remaining repayment you owe.

Examine your financial situation, and decide which strategy to use to pay off your credit cards more efficiently. Are you better off using the snowball or avalanche method?

5. Pay more than the minimum

If you have personal financing, auto loan, or credit card, your lender will set a minimum monthly payment that you must make. The monthly payments are often small.

Paying more per month can save you money on interest charges, which you can use to pay off your balance more quickly.

Make paying off your credit cards a priority and aim to pay as much as you can every month to reduce your total interest payments.

6. Use non-retirement or non-emergency savings

Got money sitting in a savings account earning little or no interest? You may want to use these funds to pay off your credit card bills.


Well, if you look at the big picture, you will see a low interest rate in your credit card is not worthwhile for the abysmal interest rate you are earning on your savings account.

When your credit card debt is gone, you can deposit the money you would otherwise have spent on high-interest credit card bills into a savings account.

Pay Off Credit Card Debt Fast
Pay Off Credit Card Debt Fast

Be careful that the money you have set aside is your emergency fund and that you don’t touch this in case of an unexpected expense.

7. Sell stuff you no longer use

You can make some quick money by clearing out the things you don’t use. For example, electronics, clothing, shoes, and accessories you have never worn or are no longer wearing.

You can use online websites to make sales like eBay, Facebook Marketplace, and Poshmark. You can check local consignment stores as well.

Price your merchandise competitively and review the feedback of your customers carefully before you sell it.

8. Start a side hustle

Are your skills in a particular craft exceptional? Do others frequently compliment you on them? If you’re a proficient typist, perhaps you should consider charging for those skills with a side hustle so that you can earn some extra income.

If you’re skilled at baking, crafting, graphic design, etc., consider a posting role with the {#Refugees and Evacuations} {#United Nations} {#Refugees}}.

9. Get a part-time job

If you are adverse to running your own business, consider taking on a part-time position while you wait to pay off your bills. Remind yourself why you are working extra hours so that you are more motivated to keep on the right track financially.

A work-from-home job may be a good way to earn some extra income.

10. Cut cable

Cutting cable can save you a great deal of money each month. If you’re not a sports fan, you probably won’t miss cable at all. There are also numerous options for cable.

Consider switching to an online streaming service like Netflix, Hulu, or Amazon Video (included with Amazon Prime) in order to save some extra cash until your debts are paid down.

11. Lower your cell phone plan

Mobile phone plans can get very expensive, especially when you are paying for a lot of information. Check in with your service provider to see if they have any special deals or other offers offered to you for your loyalty as a customer. Otherwise, you should consider downgrading your plan to one with less cost.

12. Take lunch to work every day

Meal planning makes it easy to save lots of money every week, especially if meals cost around $10 to $15 each. Rather than eating out, plan your meals before you go to the grocery store to avoid overspending.

Meal planning is a great way to reduce food costs, and it is also fun to cook and eat new dishes. There is also an annual 30-day meal-planning challenge that you might find useful.

13. Skip the movies and nights out for a couple of months

Many activities are fun, but you should not have to pay exorbitant prices for drinks or snacks. If you skip overpriced popcorn and beverages at the movies, you can save money by avoiding alcohol, too.

These items are heavily promoted and you can put that money toward your debt instead.

14. Carpool with co-workers

Do you have coworkers who live nearby? Try arranging a carpooling schedule to help save money on the amount of gas you purchase every week and fund your unpaid debts with that money.

15. Cut down on your grocery spending

Your savings from your groceries can ease your loan repayments.

Before you head to the grocery store, make sure you have a list and a full stomach, this way you won’t end up buying things you don’t need or by getting hungry while you’re there.

16. Cancel unused memberships at the gym

Why pay a gym membership when you could use it against debt? Work out at home or outdoors and work out on your own terms.

There are so many free and excellent workout videos on YouTube. Additionally, apps like Nike Training Club and Nike Run Club offer free workouts.

17. Put any extra money you make like tax refunds and bonuses toward your debt

Those discounts and reimbursements can make a huge difference on your debts. Are you waiting all year long to indulge yourself? That’s fine but think of how much better off you will be with no debts. Use that money to pay off your debt.

18. Contact a credit counseling service

If you’re having difficulty paying back your debts, it may be beneficial to speak with a professional credit counselor. Counselors may be able to help you come up with approaches to reduce your debt more quickly.

Other people can negotiate with credit companies to reduce your interest rate and make your financial situation more manageable. This can prevent a debt negotiation company from being called in, or the threat of bankruptcy.

Now you know how to pay off credit card debt fast!

Employing one, some, or all of these 18 suggestions will get you well on the way to paying off your credit card bills as soon as possible.

You can start by paying very little, but those amounts really add up. Every dollar you pay will help you in paying down your debt. Be sure to budget your fundraising plan into your budget and monitor your efforts.

Remember why you are doing this, and remember that the ends justify the means. Stick to your objective and you will succeed. It will be worth it in the end.


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