If you want to pay a high APR for a long time then you need to pay off your credit card debt as soon as possible. But once you are in a big debt then it is really hard to pay off it.

If you are looking for how to pay off credit card debt fast then you may have some debt and want to pay them off asap. Well, if you do then I will say you are in the right place. Here I am going to share some effective tips to pay off credit card debt fast. So let’s break down how can you pay off your credit card debt faster.

Table of Contents

How To Pay Off Credit Card Debt Fast

1. Create a monthly spending plan

We know good planning is half of the battle. So you need to have a proper plan to pay off your debt. First, make a list of how much debt you have and where your monthly income costs. Avoid all the unnecessary expenses that you can use to pay off your credit card debt.

Suppose you are thinking of buying some new furniture, but you can pay off some of your credit card debt with this money if you want. And as a result, you don’t have to pay extra interest on that loan next month.

2. Focus on repaying the principal balance

On credit cards, Interest is usually paid for the amount of money lent. And if you have to pay a high interest rate then there have no words. And the thing is that we can’t pay the principal money to pay the interest.

Pay attention to the interest as well as the repayment of the borrowed money. This will reduce the amount of principal balance you borrow. And the sooner you repay the principal balance, the sooner you will be freed from the hassle of paying interest.

3. Pay off debts with the highest interest first

Many people are more busy repaying the loan on the card that has more credit card debt. But in my opinion, this is the wrong move. At first, try to pay the card on which you have to pay more interest.

As a result, you do not have to pay extra interest every month. As the amount of interest is high, you will struggle to pay the principal balance. And you can repay the loan with the interest you have to pay.

4. Start with a small amount

If all the cards have the same amount of interest. You should start with a card that has less debt first. If I assumed that Mr. X has 3 credit cards and the loan amount is $8000, $12000, and $14000 respectively. He has the ability to pay three thousand a month. The question is with which loan repayment should start? The answer is the first card’s debt.

Because a small amount will be paid very quickly. And it will motivate you to pay more and give you courage. When the first low-balance loan is repaid, focus on the next card with the lowest amount.

5. Pay more than regular

Suppose your loan amount is $10000 and you repay $2000 per month. As a result, it will take you 5 months to repay the loan in full. Now if you repay $2500 per month then you can repay the entire loan in 4 months. And the more you pay the principal balance, from the next months the less interest you have to pay.

6. Take Advance of a low balance transfer rate

You will see that almost all balance transfer fees are often 3 to 5 percent. But if you are currently carrying a high balance, there have many credit card provider which offers 0% transfer fees. It could be one of the biggest advantages of credit card balance transfer. And it is a great way to pay down your credit card debt fast. Sometimes with this balance transfer charge, you can pay the card interest. You can also take advantage of reward cards. It will also offer you cashback offers on balance transfers, bill payments, or purchases.

7. Use savings to pay credit card debt

If you have a good amount of savings, you can use it to pay off your credit card debt. Because for a credit card loan you have to pay extra interest every month. Once the loan is repaid, you can save on the interest you paid. You can also use income tax return funds pr other unexpected funds to pay down credit card debt.

FAQs & Answers

What is credit card debt?

Even if you don’t have money, the credit card issuer will pay the bill subject to certain conditions. And you must pay this amount within the stipulated time. If you are unable to repay the loan within the stipulated time, you will have to pay interest on the loan. You will have to pay interest until you repay the credit card debt.

What are the causes of credit card debt?

Paying bills with credit cards has become a trend nowadays. But In the hope of cashback or discount at home, we become debtors by making unnecessary purchases. A lot of times we don’t have cash on hand so we bought with a credit card or paid the bill. And this is the main reason for credit card debt. Once the debt is overdue, it becomes difficult to repay. Apart from that, there is also the pain of paying extra interest. The thought of this extra interest and debt will ruin your peace of mind.


Always use a credit card wisely and Avoid unnecessary shopping. Once you get the extra loan, you will have to pay extra interest every month. Use a credit card if you can pay on time. Otherwise, it is better to shop with cash.

Read more: NetSpend Card Review

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