How do you pay off debt fast? The key is to develop a good plan and stick to it. Here are 4 strategies to help you pay off credit card debt fast.
Pay more than the minimum
Look at your credit card statement. See the payment information chart? It shows that if you pay only the minimum, you could be in debt for a long, long time.
Simple solution: Pay a bit extra each month. Every dollar over the minimum payment goes toward your balance—and the smaller your balance, the less you have to pay in interest. Find out how long it will take you to pay off credit card debt with a credit card debt payoff calculator.
If you do consolidate, keep in mind that it’s very important to control your spending to avoid racking up new debt on top of the debt you’ve just consolidated.