Credit Card Debt

Thinking about how to settle credit card debt quicker? Let’s face it credit card debt can ruin your budget.

When you overspend, bills take up a larger percentage of your income, leaving you with little to cover other expenses. At the same time, each time you carry a balance from one month to the next, you face high-interest charges. These can eat more than half of your minimum payments, even with a credit card with a low-interest rate.

Credit Card Balance Transfer

Interest-free payments are the fastest way to pay off credit card debt.

If 100% of each payment you make is going to eliminate the principal debt, you can pay off your credit card debt quickly. The easiest way to get interest-free payments is to use a balance transfer credit card. This will give you a 0% APR for 6 to 18 months after opening the card. However, once the promotion period ends, regular interest charges will be applied to any remaining balance. Just transfer as many debts as you can afford to eliminate.

Focus on one debt at a time

Do you have balances on more than one card? If so, be sure to always pay at least the minimum on each card. Then focus on paying the full balance, one card at a time. You can choose which card to focus on in one of the following ways:

Check the interest rate section on your statements to see which credit card charges the highest interest rate, and focus on paying that debt first.

Pay the card with the lowest balance first, then take the money you used to pay off that debt and use it to pay off the next lowest balance

Credit Card Debt Consolidation

If the minimum payment requirements for your credit card debt are too high, consolidate!

The loan debt consolidation often reduces your monthly payments. However, because it also lowers your interest rates, you can get out of debt faster, even if you pay less.

If you use a debt consolidation loan, then the term you choose determines the monthly payment requirement. Choosing a longer term will reduce the monthly payment. Most lenders will allow you to get a 48 or 60-month term on a consolidation loan. This can significantly reduce your monthly payment requirements.

Debt Management Program

For large balances of credit card debt, you need help getting to zero.

If you want to pay everything you owe to avoid damaging your credit score, you should use a debt management program. With a debt management program, a certified credit counselor will help you negotiate with creditors and consolidate your monthly payments. In a single check that is sent to the credit counseling agency. Once everything is paid in full, the program ends and your accounts can be closed.

Debt Settlement

If you don’t mind credit damage and just want a quick way out to avoid bankruptcy, go for debt settlement.

The debt settlement allows him to negotiate with creditors to pay less than what you owe. If you are only dealing with one account, you may be able to handle a settlement deal on your own. Multiple accounts will be easier to manage with a debt settlement program that will do the trading on your behalf.

Declare bankruptcy

If you have absolutely no money to pay off your credit card debt that you legitimately owe, then you need to file for bankruptcy.

This is the only way to get out of debt without paying anything at all. And even in this case, the court will try to find a way for the creditor to recover at least part of their losses. They will try to liquidate your assets if you go through Chapter 7 or establish a court-ordered repayment plan in Chapter 13. And some debts, like federal and private student loans, are protected from cancellation, which means that bankruptcy may not eliminate them. Therefore, even in the event of bankruptcy, have the right expectations on how to get out of debt.

You may also be able to eliminate other types of debt

Many solutions to pay credit card debt can be used to pay other types of debts as well. This is particularly true with a debt consolidation loan or a debt management program. In both cases, you may be able to include:

  • Unpaid medical bills
  • Payday loans
  • Furniture or electronics store credit accounts
  • Other unsecured personal loans
  • Stop spending!


The biggest mistake that most people make when they pay off credit card debt is that they don’t stop spending on the card. If you are throwing water on the boat while trying to save it, you will never get anywhere. This may sound like common sense, but avoiding card use can be difficult in practice.