Credit card debt can be absoluely dreadful. The heartaches, the pain and the misery of trying to eliminate credit card debt at high interest rates can feel overwhelming. But with discipline and a resolve to get out of debt no matter how overwhelming it may seem, can be accomplished. Here are a few ways to shrink credit card debt fast.

Things You Will Need



Step 1

Pay credit card bill on time. Never be late. Credit card companies may have already hiked your interest rates up if you were late on a payment after 60 days. Even though that may be the case, you still should keep paying your debt off on time. The government has recently instituted a new regulation that does not allow credit card companies to increase interest rates further. So once it goes up, chances are it will level off.

Step 2

Pay off credit card debt sooner than later. Consider doing a balance transfer to the credit card with the highest interest rate. The faster you pay off the credit card debt, the sooner you become debt free.

Step 3

Never be tempted to go over your credit limit. Most credit card companies don't allow people to go over their limit unless they ask for it in writing. Just because you have the ability to do that, don't. Opting for the right to go over the limit will reap costly benefits for you in the future.

Step 4

Pay more than your minimum balance. It's simple mathematics really. According to, if you owe $5,000 at a 15 percent interest rate, it could take you up to 18 years to fulfill that debt! Add in the $9,000 in interest that you would have to pay off and that is money wasted. Adding simply $20 more to your minimum balance would cut the payment time to more than a half (think about 8 years). Pay more to get out of credit card debt fast.

Step 5

Say no to the teen/young adult who wants you to cosign. If they slip up once, that can increase your credit card interest rates. If they want spending power, they should use a debit until they have sufficient income (and preferably out of college) to pay it off responsibly.

Step 6

Don't spend money you don't have. The quickest way to reduce credit card debt is to not use your card unless you absolutely must. Don't go on shopping sprees or use it to pay for indulgences because it will come back to haunt you in the near future. Spend cash only (or debit) to cut down on credit card usage.

Tips & Warnings