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How to Stop Paying Interest on Credit Cards

By Edited Feb 28, 2016 0 2

Credit cards and interest can turn into a real nightmare. Many people get into large amounts of debt and don't know how to dig themselves back out. You are definitely not alone in wanting to stop paying interest on your credit cards, but it is actually pretty easy once you learn how.

Things You Will Need

Credit Card statements
Plan to pay down debt

Step 1

Stop Using Your Credit Cards

In order to stop paying interest on credit cards you have to stop charging purchases on them. The reason for this is that there is no way for you to get out of debt & never pay credit card interest again as long as you keep increasing your debt levels. With this first step, keeping away from using your credit cards for any reason is very important.

Failing to conquer this first step could result in you continuing to pay interest to credit card companies for years, possibly even a lifetime. Cut up your cards or freeze them in a block of ice if you need to.

Step 2

Start Paying Down Debt

You will need to come up with a reasonable plan to pay down the balances that you currently have on your cards. An easy way to do this is to start with the lowest balance first & pay as much as you can on that one card each month while paying only the minimum balance on all of your other cards until it is paid off. Once you have paid the first balance off you can do the same for the other balances remaining.

Try to avoid missing payments to any of your creditors. Make a plan & stick with it.

Step 3

Live a Debt-Free Lifestyle

The final step is to pay off all of your debt & continue to live a debt-free lifestyle. The reason why this is significant is that paying interest on credit cards is a real financial drain. Anything you buy on credit can end up costing you twice as much as you paid for it by the time you finish paying off the balance.

With this final step it is important for you to avoid the draw to purchase things on credit. If you can't afford to buy something with cash then you don't need it at this time. If, however, you really want or need something, start saving money every month until you can pay for it in cash.
Having followed these suggestion you are well on your way to never paying interest on credit cards again & gaining excellent credit. Using credit cards is not always a bad thing. Once you have paid off your debt and learned to use credit wisely there are ways to essentially make the credit card companies pay you.

Tips & Warnings



Sep 6, 2010 10:47pm
This is really good advice, Credit card interest can be crushing. Great article!
Sep 16, 2010 5:28pm
Thanks for the comment Sookie. You are so right.
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