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How Can I Pay Off my Credit Card Debt Faster?

Home > Pay Off Credit Card Debt | Blog | Palisades Credit Union
How Can I Pay Off my Credit Card Debt Faster?9/5/2018

Do you have credit card debt? You’re not alone — 50% of consumers in the U.S. have credit card debt. If you have credit card debt, it can be a monthly burden on you and your family, so here are three tips to help you pay off your credit card debt faster.

Credit Card Debt

Make More Than the Minimum Payment

You’ve probably heard this piece of advice before, but it can make the biggest impact on paying off your credit card debt. When you only make the minimum payments, your balance will continue to grow due to interest. If you have some extra money at the end of the month, putting it toward your credit card bill can make a big difference. If you don’t ever have any extra money, you may need to consider making a budget and prioritize paying off your credit card debt.

Pay Off the Card with the Highest Interest Rate

If you have debt on more than one credit card, look at the interest rates of each card. Whatever account has the highest interest rate should become your “pay off first” card. Similar to making more than the minimum payment, paying off this card first will help stop your balance growing rapidly due to interest.  

 Take Advantage of Balance Transfers

Getting a new credit card may seem like a counter-intuitive way to pay off credit card debt, but it can help! When you get a new card that has a 0% APR* Balance Transfer offer, like the PCU Platinum Rewards Mastercard, you can transfer an existing credit card balance and pay no interest for the duration of the offer. This means any payments you make go towards paying off the principal amount. This can go a long way towards paying off your debt faster!

If you have questions about paying off your credit card debt or want to learn more about our 0% APR* Balance Transfer Offer contact us today!

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