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When you carry a balance on your credit cards, you are using a significant portion of your current income on paying interest and principal on your past purchases. Paying off your credit cards sets you free from this cycle and allows you to spend what you earn now, rather than paying for your past purchases.
Regardless of the method you use, the overall strategy for paying off credit card debt has two parts. First, you stop using the cards, which halts your debt accumulation so you make progress toward being debt-free every single month. Second, you make an extra payment on one card every month so you accelerate the debt repayment and reduce the total amount you will pay in interest.
Dave Ramsey’s Debt Snowball
One of the most common plans people use is Dave Ramsey’s debt snowball. In this strategy, you focus on paying off the credit card with the lowest balance first. You pay the minimum payment only on all other cards and put every penny you can toward paying off the card with the lowest balance to get the psychological boost of paying off a card.
Ramsey advocates this approach because the victory of paying off a debt provides motivation to keep going on the larger balances. Therefore, this strategy is best if you aren’t sure whether you can keep yourself motivated. It also helps if your debt is spread over many credit cards and you would like to reduce the paperwork and hassle of making payments on so many cards.
Lowest Interest Rate Strategy
If you look at the numbers, the most financially advantageous way to pay off your credit card debt is to tackle the balance with the highest interest rate first. This debt is the one that is costing you the most to carry from month to month, so paying it off first reduces the total interest you will pay.
Therefore, if you have the discipline to stick to a plan, put your credit cards in order from the highest interest rate at the top of the list to the lowest interest rate at the bottom of the list. Every month, make an extra payment of as much money as possible on the card at the top of the list.
In addition to the baseline strategy, you can use several other techniques to speed up the process of paying off credit card debt. One idea is to call each credit card company and ask for a lower interest rate. Some will grant this request, which saves you money every month you carry a balance on that card.
You can also consider using balance transfer offers to help reduce the interest you pay. If a credit card has a promotional low interest rate and an ongoing rate equal to or less than your current rate, you can benefit from transferring the balance. Just make sure that the sum of the balance transfer fee and the interest due during the promotional period is less than the interest you would have paid on your existing card during the same time period.