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Tips in Paying your Credit Card Debts

If ever you are wondering on how you could pay off debt fast, you should be aware that you are not the only one who has this kind of problem. 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

Do you have a balance with you with one more than one card? It is very important to consider paying at least a minimum for every card. After that, consider focusing in paying the overall balance for one card every 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.

You then should consider paying the card with the smallest balance and take the money that you were paying for such debt and then use this in paying down the next smallest balance.

Pay a Little more than the Minimum

It is best to also consider checking your credit card statement. When you will pay the minimum balance on your credit card, this will take a lot longer to pay off 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. You also should take note that balance transfer fees are mostly about 3 – 5% but the savings that you could save from low interest rates are usually greater than the transfer fee. You should also factor this when you are considering such option.

If you are going to consider consolidating, you should consider controlling your spending for you to avoid racking on your new debt on top of the debt that you consolidated.

Reprioritize on your Budget

You could start off by categorizing the monthly spending like transportation, groceries, housing as well as entertainment. The credit card statement is a very helpful tool and a lot of 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.