How to Pay Off Credit Card Companies Fast

Whether you've had pricey hospital stays, accidents or other expenses, it's easy to fall into credit card debt. Although this debt can be small when it first accumulates, it isn't long until it can snowball into a stressful financial situation. Luckily, credit card debt is manageable, and there are numerous solutions to help you accomplish your financial goals. Pay off credit card companies fast and become debt free for good.

Instructions

1

Lower your interest rates. Call your credit card companies and ask whether they can do this for you. Some companies offer lower interest rates when you transfer a balance from one company to another. Research the current interest-rate trends and see if they match those that appear on your credit statement. Write down this information and use it when you speak with the credit card representative.

2

Stop buying things on credit. It's impossible to pay off debt if that debt keeps increasing. Make a rule to use your credit card only for emergencies.

3

Pay on time. Late charges not only raise your balance but affect your credit score as well. Try to pay as early as possible so you don't forget about the deadline. Set up an online bill-pay account to avoid having to mail payments.

4

Cut down on expenses. Set up a monthly budget and strictly adhere to it until the debt has been paid off. This includes limiting dining out, going to the movies, and incurring other extra expenses.

5

Pay more than the minimum balance. By doing this you'll be able to offset the interest charges. Take a set amount out of your paycheck and put it toward your debt. Pay off more of the balance when you have extra money.

6

Go to a reliable credit counseling service. For a fee you can meet with a representative who will create a plan to eliminate your debt. This is also useful to lower interest rates if you were unable to do this on your own.