5 Clever Ways To Pay Off Your Credit Card Debt (2024)

DEBT HELP - DEBT RELIEF

Paying off credit card debt is easier than you think if you have the right plan.

Last updated March 12, 2024 | By FinanceBuzz Editors

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If you want to pay off your credit card debt fast, you’re not alone — over a third of Americans carry a credit card balance month to month.

But here’s the secret:

Getting out of credit card debt might actually be easier than you think. Yes, it may take some time and a little work, but it’s possible as long as you have the right plan.


Read on to find 6 clever ways you wouldn't normally consider that can help you pay off your credit card debt … potentially faster than you thought possible.

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Borrow up to $50k to finally crush your debt

Looking for some cash to pay off credit card debt? A personal loan could help.

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Ask this company to help pay off your credit card debt

If you owe over $10,000 in debt tap a state below, answer a few simple questions. It only takes 30 seconds to see if you qualify!

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5 Clever Ways To Pay Off Your Credit Card Debt (2024)

FAQs

5 Clever Ways To Pay Off Your Credit Card Debt? ›

Focus on your highest interest rate first

It's OK to make minimum payments on the rest of your accounts. Once your highest interest rate account is paid off, focus on paying off your card with the next highest rate and continue to do so until all of your debts are paid off.

What is a trick people use to pay off debt? ›

Focus on your highest interest rate first

It's OK to make minimum payments on the rest of your accounts. Once your highest interest rate account is paid off, focus on paying off your card with the next highest rate and continue to do so until all of your debts are paid off.

What is the best way to pay off a credit card? ›

Snowball method

To get started, list your account balances in order from lowest to highest. Set up your budget to pay the minimum on all your credit card accounts except the one with the smallest balance. For that balance, put as much extra money as you can toward paying it off each month.

What are four 4 ways you can reduce your credit card debt? ›

Key takeaways
  • To tackle credit card debt head on, it helps to first develop a plan and stick to it.
  • Focus on paying off high-interest-rate cards first or cards with the smallest balances.
  • When you pay more than the monthly minimum, you'll pay less in interest overall.

What is the credit card pay trick? ›

You make one payment 15 days before your statement is due and another payment three days before the due date. By doing this, you can lower your overall credit utilization ratio, which can raise your credit score. Keeping a good credit score is important if you want to apply for new credit cards.

What is the trick for paying credit cards twice a month? ›

Credit card companies report to bureaus on or shortly after your statement closing date. The 15/3 credit hack suggests counting back from the due date which in turn, by making two payments in a month, it may lift your credit score. When you pay is more important than how often you pay.

How to wipe credit card debt? ›

Outside of bankruptcy or debt settlement, there are really no other ways to completely wipe away credit card debt without paying. Making minimum payments and slowly chipping away at the balance is the norm for most people in debt, and that may be the best option in many situations.

What is the 2 3 4 rule for credit cards? ›

2/3/4 Rule

You can be approved for up to two new credit cards every rolling two-month period. You can be approved for up to three new credit cards every rolling 12-month period. You can be approved for up to four new credit cards every rolling 24-month period.

What is the fastest way to get out of credit card debt? ›

Strategies to help pay off credit card debt fast
  1. Review and revise your budget. ...
  2. Make more than the minimum payment each month. ...
  3. Target one debt at a time. ...
  4. Consolidate credit card debt. ...
  5. Contact your credit card provider.

How can I legally get rid of my credit card debt? ›

Legal Ways to Cease Credit Card Payments
  1. Debt Settlement. Debt settlement is a process that involves negotiating with creditors to pay less than the full amount you owe. ...
  2. Debt Management Plan (DMP) ...
  3. Bankruptcy.
May 31, 2024

What is the sweet spot for credit card debt? ›

For example, if you have a $1,000 credit limit, you should try to keep your balance below $300. Using 30% or less of your credit limit is favorable to the credit bureaus. Consider this the sweet spot for maximizing rewards and credit-building while avoiding high utilization. 3.

How to pay off debt with no money? ›

How to get out of debt when you have no money
  1. Step 1: Stop taking on new debt. ...
  2. Step 2: Determine how much you owe. ...
  3. Step 3: Create a budget. ...
  4. Step 4: Pay off the smallest debts first. ...
  5. Step 5: Start tackling larger debts. ...
  6. Step 6: Look for ways to earn extra money. ...
  7. Step 7: Boost your credit scores.
Dec 5, 2023

How to knock off credit card debt? ›

  1. Using a balance transfer credit card. ...
  2. Consolidating debt with a personal loan. ...
  3. Borrowing money from family or friends. ...
  4. Paying off high-interest debt first. ...
  5. Paying off the smallest balance first. ...
  6. Bottom line.
Apr 24, 2024

What tricks do debt collectors use? ›

Top 7 Debt Collector Scare Tactics
  • Excessive Amount of Calls. ...
  • Threatening Wage Garnishment. ...
  • Stating You Have a Deadline. ...
  • Collecting Old Debts. ...
  • Pushing You to Pay Your Debt to “Improve Your Credit Score” ...
  • Stating They “Do Not Need to Prove Your Debt Exists” ...
  • Sharing Your Debt With Family and Friends.
Dec 13, 2023

What is the best strategy for paying off debt? ›

Consider the snowball method of paying off debt.

This involves starting with your smallest balance first, paying that off and then rolling that same payment towards the next smallest balance as you work your way up to the largest balance.

How to pay off $20k in debt fast? ›

If you have $20,000 in credit card debt that you need to pay off in three years or less, you have multiple options to consider, including:
  1. Take advantage of a debt relief service.
  2. Consolidate your debt with a home equity loan.
  3. Take advantage of 0% balance transfer credit cards.
May 22, 2024

How to pay off $5000 in debt in 6 months? ›

If you can afford to pay off your debt during the promotional APR period, a balance transfer card may be your best bet. For example, with $5,000 of debt, a six-month intro APR balance transfer card would allow you to pay off your debt interest-free with $833.33/month payments.

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