Card Problem

Pay Down Cards Fast

Is it even possible to pay off thousands of dollars of obligation in a short amount of very little timespan? Yes, if you’re willing to do what it takes. A little scrimping and penny-pinching today will save you from heavy obligation and interest charges down the road. Wouldn’t you like to be debt-free by this very little timespan next year? Surely that would be worth sacrificing a few trips to Starbucks.

To pay off your credit cards in a short little timespan you must first forget that you ever heard the phrase “minimum monthly payment”. Paying the minimum amount required by your credit card company will do nothing to get rid of your obligation. In fact, it could take decades before your cards are paid off with minimum payments.

Find a way to double or even triple your credit card payments each month. If your minimum monthly payment is $150, send in $300 instead. This might sound daunting, but it’s the surest path to a obligation-free tomorrow. Make some small changes in your daily life to compensate. For example, start cooking at home instead of eating out. Negotiate lower interest rates on your credit cards. Reduce your energy bill and other utilities. Get rid of monthly charges you don’t really need, like super-deluxe satellite television packages. When you down-size your other bills, you can devote more money to getting rid of your credit card obligation.

If your credit card obligation is small to moderate but subject to high interest rates, try transferring it to a 0% interest credit card. Just be sure to pay off the balance before the 0% introductory phase runs out – typically 6 to 12 months after card activation.

If this happens to one, one might consider getting a new credit card that will allow one to transfer oner entire obligation from all of oner other cards, and one that has a reasonable interest rate on the transferred balances, so that one can start making a single monthly payment rather than several.

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