Smart Moves to Get Out of Credit Card Debt Fast

It can be tempting when your credit card debt begins to build to simply pay that lovely little number at the top of your monthly statement. You know the one. It says “minimum payment due” and the number printed there always looks like a reasonable amount. But if you did only pay that small minimum amount each month you may never find yourself out of debt on that particular credit card.

If you continue to put purchases on it you are pretty much guaranteed to continue to be in debt. Now, if you have that kind of debt on several credit cards, you may be in the kind of trouble that paying that minimum amount will simply lead you to more debt. So how to move beyond this and pay them all off?

Well unless you are the creator of the popular software program provance itsm for businesses or some other project that pays you a steady high income, you will need to try implementing these smart but proven strategies to get your finances back in order soon.

Start with One Card

If you have multiple cards that are all racked up with high balances, try just targeting one card. Take a look at all of your cards and find the one with the smallest amount due or the highest interest rate. Focus on that one card and throw every spare amount of money you can on it to get that one card paid completely off.

While just paying off that one card will not be the answer to all your financial woes, it will help. Getting that satisfaction from having paid off that initial card can go a long way toward motivating you to keep going and pay the rest of them off, one at a time.

Negotiate Your Interest Rates

If you take a closer look at those credit cards you will notice that some have higher interest rates than others. There can be a variety of reasons for this. Since it will take you some time to pay these cards off, you best bet is to start by meeting with the bank that holds your card.

If you have always been prompt in your payments before and have a history with this bank, you may be able to get them to lower the interest rates. Better yet, if you have looked around and found a better offer from another bank, call your customer rep and see if they won’t match it to keep you as a customer. Just remember that most of these offers will have a time limit, so it only works if you can pay off that particular credit card within the time frame the lower interest rate is being offered.

Shift the Balance

If you have one card that has a reasonable interest rate, you may want to consider moving all of your debt onto that one card. This is something that should be done with caution as many times a good interest rate is dependant on paying off the credit card each month and keeping it within a certain limit. If you know that your moving the entire debt onto that card will not trigger an interest rate increase, then move them and continue to pay off as much as you can each month.