Quickly paying off a credit card is a simple matter: Just make bigger payments. Simple doesn't mean easy, and you may have to find new sources of income to do it. But financial experts say you can usually swing a bigger amount just by rearranging the way you make your payments. Other strategies also can help you pay off that debt more quickly than you thought.
Change Your Payments
Pay more than the minimum you're required to send. The more you pay, the more is deducted from the amount you owe rather than going to the finance charge. Suppose you owe $3,000 and pay 24.9 percent interest, with a $75 minimum monthly payment. At that rate, it will take 85 months--a little over seven years--to pay off the $3,000. But if you pay $100 a month, the time is cut almost in half: 48 months, or four years.
If you have more than one card, do pay the minimum on all but the one with the highest interest rate. Take any extra money you're paying on those other cards, and add it to your highest-rate account. When the highest-rated debt is gone, take its former payment and apply it to the next-highest-rated card. Financial management experts such as the website Motley Fool call this "snowballing your debt." Money guru Suze Orman recommends it as well.
Find More Money
Look for ways to trim your lifestyle, and apply that money to your bill. Cut back on dining out, especially during lunch hours at work. Buy store-brand instead of name-brand groceries. Reduce or eliminate shopping trips for clothes.
Pay off the debt with savings or investments you can liquidate. Motley Fool recommends this if you're paying much more in card interest than your bank is paying you. But don't cash out emergency funds you have accumulated--you could end up taking on more debt if you lose your job or your car breaks down. Once the debt is paid, use your old credit card payments to build up your savings again.
Get a second job if you must, but dedicate every penny you earn to the card--not to restaurants and shoe stores.
Negotiate With Card Companies
Ask for a lower interest rate. If your credit history is spotty, you probably won't get one. But companies sometimes are willing to give a break to a good customer, especially if the customer has received offers from lower-rate companies. As you get closer to zero debt, and if your payment history stays clean, you may start receiving those offers.
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