The quickest way to pay down credit card debt is going to take persistence and commitment.
Perhaps the best way to talk about paying down the credit card balance is to take a look at how you ended up with the debt you have.
Credit cards are insidious in their ease of use.
We tend to be less self-disciplined than we should be and when we want something, it's so easy to pull out the card and pay for it.
The problem is that the item we have in hand isn't really paid for.
That's coming during the next month's bill and a hefty amount of interest will be included.
Paying off the card can be accomplished in several ways.
Here's a look at what works.
1.
Stop using the credit card.
This sounds simplistic but without this step, paying off what you owe is going to be an exercise in futility because you'll incur new debt right on top of what you already have.
Put the card in a drawer if you can't bring yourself to cut it up and leave it at home.
That will stifle the impulse buying and you'll thank yourself later.
2.
Pay the required minimum payments every month.
Don't miss even one.
This isn't the quickest way to pay down credit card debt but eventually you'll be out of the financial woods.
Every time you get a bill, pay it.
3.
You accelerate paying down the debt by paying on the principle as well as paying the accrued interest.
The principle is what the interest is based on and the lower your principle, the less interest you owe.
This is the fastest way to whittle down the credit card debt you owe.
The more money you can pay on the principle every month, the faster the debt will be paid off.
4.
Debt forgiveness is another fast way to pay down your credit card debt.
Businesses that specialize in debt forgiveness can negotiate with your creditors on your behalf to lower the interest rate, effectively keeping you from going into debt at a faster pace, and at times actually lower the amount that you owe on the principle.
Credit card companies only make money if you owe interest and are not always cooperative with their customers who are in over their heads financially.
Experts that know the credit laws, are fluent in the language of credit, and have an ongoing relationship with major credit card companies can be a real help.