Pay Off Your Credit Card Debt FAST

Credit Card Debt Sucks! The sooner you start paying it off, the faster you will get to financial freedom.

March 1, 2021

Credit Card Debt Sucks!

OK, I think we all know that. Now let’s get into the right mindset and start paying it off. If you set your mind to it, you can totally do it.

Years ago when I was in my early 20’s I maxed out all my credit cards. It’s not because I wasn’t making enough money to live a comfortable life, it was all in the name of “luv” for a deadbeat boyfriend. Boy, was I young, dumb, and “in luv”! Thank goodness, I realized sooner, rather than later, that he was not going to change, and I left him. From that day forward, I worked on paying off all my credit card debt.

I want to share with you my tried and true methods and an idea I stayed away from. The faster you get started, the closer you are to financial freedom.

Get in the Right Mindset

First thing is, you need to forgive yourself for getting into this situation. Listen, SH*T happens. There is no point in shaming yourself for past decisions. Believe me, I have been there.

Getting in debt over an ex-boyfriend was probably one of the stupidest things I’ve ever done in my life. But, if I kept harping on it, I would have just been wasting time that I could have been using to be productive in paying off my debt.

So start by forgiving yourself and move on. Besides, if you’re reading this article, you’re obviously doing something right.

Pay More Than The Minimum

Duuhhh! Any amount above the minimum gets credited to the principle, which, in turn, lessens the amount of interest you pay the next month. Hence, it helps pay off your balance faster.

Your goal should be to pay as much as you can toward your principle each month. If you have more than one credit card, consider putting that amount toward the debt on the card with the highest interest rate.

Start A Side Hustle

You're not above anything when you're trying to pay off debt! If you want to be debt free, just GET OVER IT, and keep telling yourself that these side hustles are only temporary.

Get a part-time job, if it means extra money each month to pay off your debt.

Maybe you have items you can sell on eBay, Facebook Marketplace, Etsy, Shopify, or your local consignment shop. Clean out your closets and find unused stuff around your home that you can sell.

Use Non-Retirement and/or Non-Emergency Funds

Money sitting in a savings account probably is not making the same or more interest than the credit card companies are charging you. So, it is in your best interest to use those funds to pay down your debt.

Cut Cable

Cable TV can cost between $100-$200 each month. That’s a lot of dough that can be used to pay off your debt. There are so many alternatives you can consider, such as Netflix, Hulu, Amazon Prime to save extra cash until your debt is paid.

Take Lunch To Work Each Day

Going out for lunch can easily cost $10/day. That adds up to $50/week and about $200/month. An extra $200/month can certainly help put a dent in your credit card debt.

Put All Extra Money You Have Toward Your Debt

All tax refunds, bonuses, and raises should go towards your debt until it is paid off.

If you are paid over 26 pay periods, that means, twice a year, you receive three paychecks a month instead of the typical two. Mark these extra paychecks and use them to pay down your debt.

If you are paid over 52 pay periods, that means, four months a year, you receive a 5th paycheck. Use these checks to pay down your debt.

Apply for a Personal Loan

A personal loan can be used to consolidate debt and pay off the credit card balances. So instead of making multiple credit card payments each month, you make one payment on the personal loan.

Pros: You may qualify for a lower interest rate and flexible repayment terms.

Cons: You need to meet lender’s eligibility requirements. If you’ve had financial difficulties in the past, you may not qualify for this type of loan. Some lenders also charge an origination fee that may add hundreds of dollars to the cost of the loan.

Balance Transfer Credit Card

Consolidate your debt on a balance transfer credit card that offers an introductory 0% APR.

This tip is something I do not recommend for everyone. In fact it can be a little risky, and, for that reason, I chose not to try this.

Pros: If you pay off the balances you transferred before the introductory period expires, you can avoid paying interest charges on the transferred balance altogether.

Cons: The promotional period is limited. If you don’t pay off the transferred amount in full and on time before the intro period ends, the remaining balance will accrue interest at the card’s regular rate.

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To Sum It All Up…

Every step counts! Implementing one, some, or all these tips will definitely get you on your way to paying off your debt. Keep your focus on the end result – it will be worth it at the end.

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Let me know how these tips work for you in the comment section below.

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Your Girlfriend,