Tips To Pay off Your Credit Card Debt Faster

As prices rise on everything from food, gas, and electricity, more and more people are struggling to pay their bills. In fact, many people are reaching for their credit cards, simply to put food on the table. 

Even worse, many start their adult life out in debt. Most students come out of college swamped with debt, and then they add on a mortgage. One emergency and they might find themselves struggling to pay their bills. 

They pay what they can while watching their bills add up. Paying just the monthly amount doesn't help them get out of debt, it just keeps the collectors at bay! 

So, how can you pay off your credit card debt faster?

First, you have to make the decision that you want to get out of debt. Though this seems obvious, the truth is that you have to make a conscious decision to get out of debt. This means making some hard decisions, such as working overtime to put more money toward your debt and choosing to forgo certain things to free up some cash. You may need to quit eating out or not buying certain things that you don't really need! 

Look into a zero-interest credit card. Though this may not seem like a smart option (to transfer debt from one card to another), the truth is that you are probably wasting a lot of money on interest. If you were just paying off your debt (without interest), you would be able to see the amount of money that you owe go down. 

If you don't want to do that, you may want to consider a low-interest loan. If you can put all of your debt in one place with less interest, you might be able to get ahead! Instead of paying four different credit cards, you can put all of that money into one lower payment where you owe less interest. You might be amazed at how quickly you can see a difference in the amount of money that you owe. 

Don't just pay the minimum. You should always put as much money down as you can each month. If you just pay the minimum, you will spend years paying it off! Your statement will even tell you that.

You may want to take on a part-time job, work some overtime, or start a side hustle to bring in more income. One of the easiest ways to pay off your debt is to bring in more money. You can put all of that money toward paying off your debt. Even an extra one or two hundred dollars a month will help put a dent on your debt. 

Look for things to sell. Most people have things that are around their house that they don't need anymore. Even if you have a yard sale with smaller items, each dollar can add up! If you have valuable things, you may want to look into Ebay and see how much you can get for the things that you don't have any use for anymore!

Are you drowning in credit card debt, and it is affecting your health? It may be time to make the decision to get out of debt so that you can enjoy your life. Making that decision is the first step. Then, you have to come up with a plan. You may want to transfer your balances to a zero-interest credit card or even a loan that has a lower interest rate. Then, put as much money as you can toward your debt, and you may be debt-free sooner than you imagined!

Previously published on Medium.