The following is an article “How To Quickly Rid Yourself Of Credit Card Debt” by Marc Primo.
Being in debt is one thing, but being in debt with high interest rates is a completely different beast. When you happen to be in credit card debt, you can be sure that you’re going to be up against one pretty big debt monster.
The following is a list of practical tips you can follow that will help you pay off your credit card debts as quickly and painlessly as possible:
Start with the highest interest debt — If you are in debt on multiple credit cards, pay off the one with the highest interest rate first. Do this by paying the minimum amount due on the other cards, and then allotting the bulk of your funds to the card that is incurring the biggest interest. This technique will allow you to bring down the debt itself, effectively lowering the interest you are paying with every statement.
Budget with debt in mind — Depressing as it sounds, this is the only way you can quickly pay off your credit card debt. Throughout this process, perish the thought of vacations and other luxuries. In order to have peace of mind to enjoy the finer things in life, you need to be debt-free. So if you get a bonus at work, or a windfall from some unexpected source, resist the urge to splurge and make sure it goes straight to your debt fund.
Make more that one payment a month — Sure, you are only asked to pay once a month. But if you can set aside enough to make two or three payments per billing cycle, the quicker you will rid yourself of debt. Yes, this is all easier said than done, but if you really want to turn your bank account from a negative back to a positive, then suck it up and divert your latte fund towards the debt until it is paid in full.
Request a lower rate — Ask and you shall receive. Credit card companies have heard every story in the book, so swallow your pride and talk to your relationship manager about the possibility of your interest rate being lowered. This request is granted everyday, so long as you ask in the right way and your reasons for doing so aren’t criminal or unreasonable, you really have nothing to lose and everything to gain. Just think about how much of a load 5 percent less interest on a $5,000 balance would be off your back!
Stop using your credit card! — This might sound like a no-brainer but never underestimate the power of a credit card. As soon as you are in debt, put it away and delete it from all of your online payment methods. Carrying it around with you while you are still paying it off is a recipe for disaster. The temptation to use it, even for necessities like groceries, will overpower you as you try and convince yourself that “it’ll just be a few times”. Those “few times” all add up and before you know it, you’re back to where you were one month ago.