Top 3 Strategies to Pay Your Entire Credit Card Debt Fast

Top 3 Strategies to Pay Your Entire Credit Card Debt Fast


In 2019, over 30% American carry credit card debt. Over 50% are between the ages of 20-40 years old. If you are one of those who have a credit card balance month to month, this article is for you. 

In this article, I will show 3 best strategies to pay your entire credit card debt fast. 

First key is to accept that your credit card month to month balance is problematic. If you have done that, then you already made the right financial decision. With these strategies you will have no problem paying your credit card balances within regional time frame. 

Here, I will teach a good plan and help you stick to it. Let’s get started. 


1. Pay higher than minimum payment

Let’s say your credit card balance is $1000 dollars and your minimum payment is $25 dollars. With APR ranging from 16-25%, if you pay just the minimum payment it will take you around 87 months. That is 7.25 years, and total of $2175 in payments. 

Without just minimum payment, you will pay $1175 in interest. If you double your minimum payment, it will take you only 27 months. That is 2 years and 3 months, and total payment of $1350. You will save $825 dollars in interest and pay off your balance faster. 

Simply put, even a dollar more than minimum payment will lower your overall balance faster and help you save hundreds in interest. 


2. Target one credit card debt at a time

First you need to figure out how many credit cards have active balance. If you have more than 1 credit card with active balance, than make sure to pay all minimum payments. 

After that, go to your credit card statement and check the interest rate and figure out the credit card with highest interest rate. Concentrate all your extra payment to this card only and pay if off first. 

Another strategy is to pay your credit card with the least amount of balance first. Once you pay if off, you can use that minimum payment money towards another card with the smallest balance. 


3. Combine your credit card balances

You can combine all your credit card balances into one account. Consolidating will make it easy to track your payments and also allows you to combine your multiple higher interest accounts into one lower interest rate account. There are few ways to do this. 

You can transfer your balance to accounts with lower interest rate. Be careful with transfer fee, you can find accounts with as low as 3% transfer fee. It is better than paying a higher interest rate. 

You can also use home equity if you own a house. Only downside to this is closing cost that comes with taking home equity. 

You can also borrow loan with 3-5% interest rate and pay off your credit cards. This option will help you save hundreds of dollars in the long run. 


Credit card balances not only impact your day to day living, but also lowers your credit score. With low credit score, your borrowing power decreases drastically. If you are one of those with high credit card balances and trying to purchase a car or a house, then you need to apply these strategies. 

I hope these ideas help you tackle credit card debt. Please comment below if you have other suggestions or if these ideas were helpful. 

Also, check out the best online websites to earn some extra money to help pay your credit card debt.

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