How To Quickly Pay Off Credit Card Debt?

How To Quickly Pay Off Credit Card Debt

Credit card debts are common if you don’t keep track of your expenditure and pay back the debts on time. If you have an extravagant debt, you can’t get rid of it in a day or month.

However, you need to follow certain strategies to pay off the debt. And as you are responsible for your debts till you pay them back, start repaying as soon as possible. 

The most common way is to start paying back the small debts and slowly move forward to the big debts through monthly installations. If there is high-interest debt, getting a balance transfer credit card would help. 

If you are into any small or big credit card debt, stay with me as I would discuss certain fruitful ways to get rid of the debts quickly:

8 Best Ways To Quickly Pay Off Credit Card Debts:

I am here to mention 8 different strategies that you can follow to pay back your credit card debts. You have to choose wisely which one you will  be able to afford and follow strictly.

So, here are the best 8 ways of getting rid of credit card debts:

1. Follow The Avalanche Method:

Now that you are in debt, you have to start paying it back. If you want to repay the debt gradually in a conventional way, you can either follow the avalanche method or the snowball method (discussed later). 

The avalanche method is when you start repaying the big debts and then move down to the small debts. Amounts with high interest are paid first in this method. It will help you save money as you are paying back the high interest first. 

Besides paying your monthly installments, you should add extra cash to pay off the larger debts. And then you can move towards paying off the smaller debts. 

2. Follow The Snowball Method:

The snowball method is suitable for those who want to proceed slowly but want to be on track. This method plays with your psychology a bit. 

If you are a person who appreciates small successes, the snowball method is perfect for you. Here, you start paying off the smaller debts and then moving towards repaying the larger debts. 

As you can easily pay back the small debts in a short time, it will motivate you to proceed further to pay back the rest of the debts. 

3. Get A Balance Transfer Credit Card:

You can consider applying for a balance transfer credit card if you have a good credit score. 

You may have a good credit score if you have made your monthly payments on time and maintained your credit utilization rate. If this is the case, you can easily get a balance transfer credit card that would help you the most. 

The benefit is that these cards often offer 0% APR on balance transfer for around 12 to 21 months. Now, if you shift the high-interest balances to your new card, you would save up on the interest. 

And if you can pay back the amount within the time period when the APR is 0%, you would save up on the whole interest and can easily pay back the debt. 

4. Keep Track Of Your Expenditure:

You have to be careful about your monthly expenses. If you can keep track of your monthly expenses and pay off the debts each month, it won’t burden you. Also, you will understand where you should cut off your expenses.

While some may get into debt due to emergencies, others spend lavishly. Besides the basic bill payments, they shop, eat out, go for expensive trips, buy commodities, etc., and can’t pay back on time. 

If you are one of those who love to spend without thinking of the debts, you need to check on your expenditure each month to cut down the expenses and pay off the debts on time. 

5. Grow An Emergency Fund:

In today’s time, saving money is important. If you are someone who can’t control your expenditure, you must keep an emergency fund so that you don’t need to get into debt as well. 

You can keep your own emergency fund or maintain a negative balance on your credit card. No matter what, you shouldn’t touch your savings unless you have a debt. If you keep your own savings, you can pay off immediately when you get into a small debt. 

6. Take A Debt Consolidation Loan:

A debt consolidation loan is a personal loan in which all your high-interest debts are merged into one loan. So, despite paying back the debts in different places, you need to do monthly payments here to get rid of all the debts. 

The extra benefit you get is that if you pay the installments on time, your credit score will improve. Also, the interest rate in a consolidation loan is low. It means paying off the debt becomes easier. 

7. Increase The Usage Of Cash:

If you are concerned about credit card debts, you should probably switch to cash. The problem with credit card debt is that it keeps adding interest. So, if you avoid spending excessively from your credit card and rather spend your cash, you can avoid debts. 

If you are already in a debt, start using your cash immediately and paying back the debts gradually. Don’t spend from your credit card as this would be riskier. 

8. Announce Bankruptcy:

If none of the ways worked for you, the only way to get rid of the debts is to announce bankruptcy. Though I believe you can pay off credit card debts by using multiple ways mentioned above, you may consider this as your last way out. 

However, it will be a lengthy process and you must consult a credit counselor to get the best advice.


If you are in an alarming position, you must apply one or more ways mentioned above to pay off credit card debts quickly. 

Don’t waste any more time and start paying back the credit card debts today following the right method. 

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