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Tips in Paying your Credit Card Debts

When you are ever wondering as to how you could pay off debt fast, you should be aware that you are not alone on this. There are in fact 1 in 3 Americans who have a balance with their credit cards from month to month. If you are one of it and you wish to reduce your balance, below are some effective things that will be able to help you on how to quickly pay credit card debts. So how much credit card debt is too much?

Target One Debt at a Time

Are you carrying a balance with more than one card? It is very important to consider paying at least a minimum for every card. You then should focus to paying its overall balance for one card at a time. You could actually choose which card that you will target in two ways.

Try to check the interest rate of the statements in order for you to see which credit card charge the highest interest rate and then concentrate to paying that debt first.

Pay the card with the smallest balance first and then you should take the money that you paid for that debt and use this to pay down the next small balance.

Consider Paying More than the Minimum

Try to check your credit card statement. If ever you will only consider paying the minimum balance of the credit card, this would take a lot longer to pay on the bills. Paying more than the minimum will help you to pay less interest. The card company is in fact required to chart this for you on your statement for you to be able to see how this will apply to your bill.


Consolidating your debt will help you to combine different high interest balance to just one with low rates for you to pay down your debt much faster and not having to increase payment amounts. Below is a way with how you could consolidate debt.

By taking advantage on low balance transfer rates to move the debt off high interest cards. Also take note that balance transfer fees are usually about 3 – 5% but the savings that you get from lower interest rates usually are greater compared to the transfer fee. You should also factor this when you are considering such option.

When you consider consolidating, take note that it’s essential that you control on your spending so you are able to avoid tracking on your new debt on top of the debt which you just consolidated.

Try to Reprioritize your Budget

You can actually start through categorizing monthly spending such as groceries, transportation, entertainment and housing. Credit card statements is actually very helpful and many issuers in fact categorize your spending.

The next thing is to consider looking at areas to where you can cut back. After that, take the money that you have saved and apply this to pay down your debt.

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