How to Pay Off Credit Card Debt Fast

If you have thousands of dollars in unpaid, unsecured credit card debt, it may sometimes seem impossible to pay off. However, it is possible to use credit cards and still get out of credit card debt; it just takes planning and discipline. If you don't currently have enough money to pay extra on your credit cards, you may still be able to completely pay off your credit card debt fast.

Instructions

1

Contact the customer service department of any credit card company charging you an interest rate above 13 percent. Ask for an interest rate reduction, saying you intend to transfer the balances to another credit card with a lower interest rate if they don't agree. In many cases, the credit card company will lower your interest rate just to keep you as a customer.

2

Call a credit card debt consolidation company if you're experiencing serious credit card problems. Consolidation can significantly lower your interest rate and get all your debt into a single monthly payment. If your credit is good and you're not in collections, simply get a lower interest rate credit card and consolidate the balances yourself, transferring them all to the new card.

3

Contact an attorney to negotiate a settlement with the credit card company if you're in over your head in credit card debt. In many cases, you can settle your debt for only a fraction of what you owe. Also, federal law requires the credit card company to speak with your attorney instead of harassing you and your family.

4

Allocate any extra money you have every month to pay off the credit card debt. Go over your budget to see exactly how much money you can spare. Cut back on unnecessary expenses such as eating out and going to the movies to generate extra money. Also, consider getting a part-time job or starting a small work-from-home business. Start paying off the balances of the highest interest credit card first. Pay that specific credit card debt off entirely, then start on the credit card with the next-highest interest rate.

5

Stop running up credit card debt. Cut up all but one or two of your cards. When deciding which cards to keep, select the ones with the most rewards or the best interest rates. Only use these cards to buy what you really need. Pay off the entire balance every month. If you want to buy something, but lack the funds to pay off the balance in full the next month, then delay buying that item.