If you’re looking to pay off your credit card debt as fast as possible, you’re not alone. In fact, over 56 million Americans have been in debt for at least one year.
Dealing with debt can be daunting. But there are effective strategies you can use to payoff credit card debt faster and finally crush your debts once and for all.
1. Ask These Companies To Payoff $10,000+ In Credit Card Debt
If you’re currently dealing with $10,000 or more in credit card debts, this solution could be for you.
Nationwide debt relief companies are helping families become completely debt free in as little as 12 to 48 months. And this strategy can often reduce people’s monthly payments by 30% to 60% or even more in some cases.
Here’s how it works: these debt relief companies consolidate your high-interest debts into a single payment. This debt has a lower interest rate, and now you just have one monthly payment to focus on instead of several.
The best part? Many providers don’t charge any fees until you resolve your debt. Getting started only takes entering a bit of information online and is free.
From there, you work with a qualified debt expert to create a payment plan that works for you.
2. Boost Your Income With A Side Hustle
Another excellent strategy to get rid of credit card debt faster is to put side hustle income towards monthly payments.
This strategy is popular because the faster you pay off your debt, the less you pay in interest in the long-run. So, your side hustle income is working even harder than normal.
There are also plenty of hustles you can start, many of which require no skill and can begin paying you immediately:
👉 Freecash: Earn money by completing easy online tasks like surveys, playing games, watching videos, and more!
👉 Branded Surveys: Answer short surveys and cash out with PayPal money and free gift cards.
👉 Kashkick: Earn free PayPal money just by downloading new apps and playing games.
👉 Prime Opinion: Another leading survey panel that pays its members just for sharing their opinions.
Between these hustles, you can earn a steady stream of cash to cover bills or chip away at credit card debt much faster.
3. Borrow Up To $25,000+ To Payoff Your High-Interest Debts
In some instances, taking out a personal loan to pay off your credit card faster can make sense.
This strategy is similar to debt consolidation. The idea is to use a personal loan with a lower interest rate to immediately pay off a more painful, high-interest credit card debt.
It’s really a decision that can be made using simple math; having one single loan with a lower interest rate is likely better in the long-run than having several smaller debts with high rates.
👉 Check to see which personal loans you qualify for!
4. Create A Household Budget That Actually Works
If you want to pay off credit card bills quickly, you need a budget that works. After all, it’s impossible to save money and get ahead financially if you’re spending way more than you’re making.
Creating a functional budget doesn’t have to be rocket science either. A simple Excel spreadsheet can get the job done. But if you need a helping hand, you can also use leading budgeting apps like You Need A Budget (YNAB).
YNAB helps you automatically create a budget and ensures every dollar you make has a job. This includes putting money towards debt payments, as well as covering your monthly bills and savings goals.
It simplifies the process of budgeting, letting you focus on earning income and tackling your debt. And according to its website, members save $600 in their first 2 months and $6,000 in their first year on average once YNAB is on their side.
You can get started with a 34-day free trial to see how YNAB improves your finances. After that, it costs as low as $8.25 per month; hardly a steep price for helping you save thousands of dollars a year.
5. Save Money When Shopping With This Reward App Stack
Speaking of budgeting, another simple way you can pay off credit card debt faster is to find ways to save more money each month.
Think about it this way: if you can save an extra $200 a month, that’s $200 more in your pocket to cover other bills or to throw against debt. Pretty simple!
To help you get started, here are a few nifty (and free) reward apps that help people save money on everyday purchases:
- InboxDollars: Get a $5 bonus and earn with coupons, online games, surfing the web, and more!
- P&G Good Everyday: Get exclusive coupons and rebates for leading household brands.
- Swagbucks: Earn rewards when you shop online or dine out plus make money by completing online tasks.
- Insurify: Save $966 on average by finding the cheapest car insurance possible through Insurify.
Again, even an extra $100 per month in your pocket is over $1,000 per year in extra income, so every little bit counts!
6. Use A Debt Repayment Strategy
When it comes to becoming debt free, there are generally two main methods experts suggest using:
- Debt Snowball Method: Start by paying off your smallest debt first and gradually move to larger debts as you gain momentum.
- Debt Avalanche Method: Start with your highest-interest debt first and then work your way down to the less expensive debts.
The snowball method’s advantage is that you get some quick wins. This can feel immensely encouraging since you actually see the progress you’re making as you have fewer debts to pay.
In contrast, the avalanche method’s main advantage is that you get your most expensive debt out of the way first. It might take longer to see progress, but you’re saving as much as possible in interest payments in the long term.
Whatever the case, it’s important to actually pick a method and to apply it so you get rid of your credit card debts once and for all.
7. Tap Into Your Home’s Equity
For homeowners, you can consider taking out a home equity loan to put towards credit card debt. This is similar to taking out a personal loan, except in this case, your home is used as collateral.
This strategy can be risky since if you can’t repay your loans, the lender could potentially foreclose on your home. However, it’s a strategy that some people are using to accelerate their debt-free journey.
👉 9 Easy Ways To Supplement Your Income.
8. Make More Than The Minimum Monthly Payments
This is a simple tip, but it works. Paying more than your minimum required monthly payments is essential if you want to get rid of debt for good.
This is because only making the minimum payments often means that most (or all) of your payments are just going towards interest charges and not your principal balance.
Putting more of your paycheck towards debt payments is a great start. You can also start a non-job side hustle and use those funds to pay down debt.
9. Adopt A Frugal Mentality
When the going gets tough, it’s often time to make some drastic changes.
This is especially true for tackling credit card debt. You want to ensure that becoming debt free is your focus, and one of the best ways to accomplish this is to adopt a more frugal mindset overall.
There are plenty of ways to cut costs and save more each month, including:
- Using coupons
- Eating out less often (or not at all)
- Using less energy at home
- Going on more free outings
- Canceling subscriptions
- Switching to cheaper phone and internet plans
Again, every little bit you save matters. Frugality doesn’t have to suck, either; there are plenty of fun or cheap ways to still have fun and spend time with people you care about.
🦈 Use Billshark to negotiate lower phone, internet, and cable bills to save money every month!
10. Contact Your Credit Card Company
One last tip for paying off credit card debt fast is to call your credit card company. Creditors are sometimes willing to work with their customers who are facing high levels of debt. This can look like an adjusted repayment plan or lower interest rate.
👉 12 Proven Ways To Get Free Money If You're In A Pinch.
Final Thoughts
Dealing with credit card debt can seem like an insurmountable challenge. But millions of people are becoming debt-free, many of whom rely on the strategies we’ve outlined above.
As long as you have a gameplan and stick to it, you can find success. Reading this article is also an excellent first step, so give yourself a pat on the back.
Below, you’ll find some other useful guides on boosting your income and saving more money. Use these resources to your advantage. Every extra dollar you make or save is fuel you can use to eliminate your credit card debts!
👉 8 Lazy But Effective Ways People Are Making Extra Cash.
👉 12 Work-From-Home Hustles That Pay The Bills.
