Inside Information to Help Your Credit Card Debt Repayment Process Go Faster
There is nothing worse than realizing that after paying your monthly credit card bill that there just isn’t enough money left over to do pretty much anything else – and that your principal on that credit card bill still remains untouched!
Unfortunately, this is exactly the kind of situation that millions of people all over America are dealing with on a regular basis and it isn’t getting better any time soon. Credit card debt repayment is one of the biggest financial challenges facing people today, and more and more people are finding themselves buried right up to their eyeballs in credit card debt that they just can’t get out from underneath.
At the same time, it can be almost effortless to move through credit card debt repayment when you know exactly what you’re doing. Hopefully we are going to be able to shine a little bit of extra light on the situation for you, giving you some inside information to help you tackle credit card debt as expeditiously – and as responsibly – as possible.
Let’s dive right in!
Knockout the Card with the Highest Interest Rate
When you’re talking about credit card debt repayment you really need to focus as much as possible on the credit card that brings the highest interest rate to the table.
After all, this is the credit card that is going to cause you the most pain in the short and long term. Paying off the monthly minimum is only going to knock off small chunks of your principal over with the bulk of the payment going towards the interest), and it creates a debt cycle that is almost never-ending.
Even if you have to continue only paying off the very minimum on your other cards, look to kill the highest interest rate card as soon as possible – and then avoid it like the plague.
Move Your Credit Card Debt Repayment Process Along by Choosing to Crush the Card with the Smallest Balance
After you have knocked out the highest interest rate card, then and only then are you going to want to move to the card with the smallest balance.
This will give you more momentum as you move through credit card debt repayment, and you’ll soon have multiple cards crushed before you! There’s nothing better than being able to stack victory after victory on top of each other!
Throw as Much Money as Possible at Your Credit Card Debt to Speed up the Repayment Process
Our final tip seems pretty simple and straightforward on the surface, but it’s one that a lot of people seem to ignore for one reason or another:
You want to chuck just as much money as possible at your debt to get it down in a hurry.
Now, most of the time that means you’re going to have to make sacrifices in other areas of your life. It isn’t going to be easy, but it’s almost always going to be necessary.
Credit card debt repayment doesn’t have to be a nightmare. Take advantage of the tips and tricks we’ve offered above and you’ll be able to really fast track this process!