Credit card debt and clearing your balance can be bothersome for most people. Having a plan or method to repay your debt, and reduce interest charges will allow you to manage your expenses more effectively.
Here’s how to pay your credit card off faster, reduce your worries, and save money.
To ensure you pay on or before the due date, always check your credit card statement. Do this to avoid paying late fees or extra interest, and keep your credit score healthy.
Automatic transfer from your bank account or by direct debit is an easy way to do monthly payments. Set your debits for the day when your paycheck comes in, so you have enough funds to cover the payment.
It’s better to also set up a payment reminder in your calendar.
Pay off the debt sooner and save money by making higher repayments each month. You’ll pay lots of interest if you only do the minimum. It won’t necessarily reduce your credit card debt, and will take years to pay it in full.
Talk to a free financial counsellor by contacting your bank or credit provider right away if you’re experiencing temporary hardship in repayment. They might allow you to renegotiate your payment terms.
Taking early action stops a small money problem from snowballing.
Lowered credit limit means you can practice discipline over spending.
Ask your credit provider to decrease your credit card limit to avoid the temptation of overspending on your card. Do this online, by phone, or by visiting a branch. This process mostly takes 1-2 business days.How To Pay Your Credit Cards Off Sooner Click To Tweet
Reduce the number of your credit cards if you have more than one.
Pay off one card at a time by trying either of these:
- Smallest debt — pay off the card with the smallest debt first, then move onto the next-smallest one until you finished them all.
- Highest interest rate — start taking down with the one with the highest interest rate, then pay off your other cards one by one.
You can then cancel each credit card after you’ve paid it off to avoid further charges. Maintain only one card, and try to use it just for emergencies.
Keeping track of the money that comes in and goes out will make you assume control of what you owe.
It’s easier to keep up with credit card payments and bills once you know you’re spending.
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