How Can I Pay Off my Credit Card?
Ever asked the question how can I pay my credit card off? If you are like many people in this troubled economy you probably have some sort of credit card debt that is becoming a burden or hardship on you and your family. Having credit card debt is not an easy thing to live with since it eats into money you could be spending on other parts of your life. While it is easy to get into debt, it’s a difficult task to get out of it due to late fees, credit interest, and the extra money that increases your credit card balance on top of what you already have put on the card.
In this article we’ll examine some steps you can take to reduce your balance and work towards paying off this debt and eliminate it from your life. This won’t be an easy process but you can make the changes required to pay off this debt and eliminate all the headaches that come with it.
Stop Making Purchases on the Card
As hard as this may be you must stop making any other purchases on your credit card and put the card in a safe location where you simply won’t be tempted to use it. Look to alternatives for every purchase you make that doesn’t involve using your credit card and adding to the increasing balance of the card. You might consider cutting up the card and not using it at all anymore. This might be a drastic step but you need to pay off the balance on it and if you don’t have the card in your possession any longer you won’t be tempted to use it for “just one more purchase.” Don’t get any other cards to compensate for the one you have and try to pay with everything by check, cash, or debit and not with the credit card you own. If you continue to put purchases on the card you won’t be able to pay it off and the debt will keep increasing. This is sabotaging your efforts at eliminating your credit card debt.
Pay More than the Minimum
You can pay off your credit card in less time if you pay more than the minimum payment each month. Most of your minimum payment if you have a large balance is just interest on the balance and doesn’t get you anywhere. You must make an effort to cutback in other areas of your life so you have more income for your credit card payment. For example let’s say you buy a coffee each morning on the way to work. This might seem like a small expense but over the course of a month this would add up to a chunk of change you could throw on your credit card instead. Buy yourself some coffee that is much cheaper and bring a mug to work with you. Other exppenses like magazines you reads could be eliminated and you could just read those publications online. If you consume alcohol on a regular basis scale back your purchases and put that money on your credit card instead to raise the amount you pay each month. Once you start paying more than the minimum balance each month you’ll see the balance decrease and not increase due to the interest. Paying more than the minimum is the single best thing you can do towards eliminating the debt from your life.
Make More Money
Making more money to pay off your credit card might seem like you have to go out and get another job but this doesn’t have to be the case. There are numerous ways to raise some funds which will help you with your credit card problems. The first thing you can do is to look to your home for items you no longer need or that you can sell to help pay off the balance of your card. Use auction sites such as eBay or just have a garage sale and sell off your goods. Put all this money onto your credit card. You might be able to take odd jobs around your neighbourhood for some extra income. Put up flyers at your local mall and work on weekends or whenever you have some spare time to get some more income. You could write articles online, sell photographs, or make YouTube videos as a way to generate more income.
Consolidate Your Debt
If you still find you’re unable to pay off your debt you might seek financial help through debt consolidation. This will put all your debts into one payment and might even eliminate some of your interest payments or reduce your rate. There are plenty of places that will work with you to come up with a plan to help you pay off your debts sooner. Your best bet is to talk to several places before you decide on what is best for you. Just remember you’ll still have a payment to make they don’t eliminate your debts for you. You might be able to use some of your assets such as a home to help pay off your debt but this is of course risky on your part so think carefully before you go this route.
You Can Pay Off Your Credit Card Debt
You should stop standing around and trying to figure out how to pay your credit card off and put a plan into action. Start by eliminating all purchases on your credit card and tear it up so you don’t buy things with it any longer. Look to making larger payments above your minimum payment to pay off your card sooner. Look for other ways to generate more income such as selling off items you don’t need or taking an odd job. Talk to a financial advisor about debt consolidation if you just can’t seem to get the card paid off after trying some of these suggestions. You can pay your credit card off if you work hard at so don’t give up, it can be done.