How to Quickly Pay Off Your Credit Cards Credit card debt can quickly suck you into an endless cycle of poverty, bad credit, and frustration if you don’t pay it off quickly. Here are five ways to quickly pay off your credit cards with the least amount of pain.
Tip #1: Cut Costs Take note of all your monthly expenses, and see where you can cut back. You don’t need to settle for less than what you want – instead, find the cheapest ways to live a lifestyle that makes you happy. Try cutting back on buying new doodads like gadgets, TVs, and cars, and try postponing those vacations and massages until you’re in better financial straits. After all, if you’re in credit card debt, it’s likely you’ve already had your fun – now it’s time to pay the piper over the next 2-3 years. Even an extra $25 a month will go a long way in the journey to financial freedom, so start cutting back! Tip #2: Pay off the Credit Card With the Highest Interest First If you have multiple credit cards and try to make equal payments to each one each month, it’s easy to feel like you’re going nowhere. To get a sense of accomplishment, find the credit card with the highest interest, give it the most significant chunk of your monthly payments, and only pay the minimum and finance charge (plus a little more) on the other cards. Once you pay it off, congratulations – that’s a massive chunk removed from your financial worries, and paying your cards just became much more manageable. One tip we have is that if you’re the type who gets motivated by success, then there’s also the option to pay off the credit card with the smallest balance first. You’ll pay it off sooner, and you’ll get the determination to stay the course. Tip #3: Consider Debt Consolidation Debt consolidation is a service that lets you combine, or “consolidate,” all your credit card bills into a single bill. The great thing about debt consolidation is that it allows you to pay just one bill at a smaller interest than paying each card individually. The drawback is that your credit rating will take a hit, but that can be fixed over time, too. Right now, the most important thing is getting out of debt quickly. Debt consolidation does just that. Tip #4: Balance Transfers If you don’t want to try debt consolidation, we recommend you find a way to transfer your balance from high-interest cards to lower-interest ones. Even a reduction of 2% in interest can result in hundreds of dollars of savings each year, which you can use to reduce your debt even further. Tip #5: What About Cutting Up Your Credit Cards? You were probably advised to cut up your credit cards until you pay them off to keep yourself from using them. If you’re prone to uncontrollable swiping, that’s good advice – otherwise, it’s better to work up the discipline not to use them, cut costs, make faithful payments, and keep your credit cards handy for emergencies. For a free financial consultation, contact Credit Repair Enforcers today! About CreditRepairEnforcers.com: Get the benefits and experience of a firm that concentrates on helping people with credit problems without paying huge setup fees. Credit Repair Enforcers has successfully removed erroneous, unverifiable, outdated, and inaccurate information from our client’s three credit reports for over 20+ years. We assist with all things credit repair and credit building. We have helped people who need assistance with personal, business, and corporate credit repair and credit building. Credit Repair Enforcers fight for your credit rights!
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