How to Eliminate Credit Card Debt
Credit card debt is a very real problem for tens of millions of Americans. Credit card debt has a way of continually compounding itself, making it especially difficult to ever pay yourself out of. This is because, over time, credit card interest rates often climb well over 10 percent, meaning you will almost always pay several hundred dollars every month just toward interest. However, paying off your credit card is one of the most important steps you can make to help you accomplish full financial freedom. Here are a few tips you need to follow for eliminating credit card debt.
Focus on the Highest Interest Rate Card
If you have credit card debt, chances are that it spans over several credit cards. In order to get out of debt faster, you’ll want to focus on the credit card with the highest interest rate. Begin to pay down this one first, so you’ll save additional money off of the high interest rate.
Stop Using The Cards
At the top of the list is not using the cards. It’s easier to pay the debt down when you’re not using it all the time. In fact you’ll need to cut down on all of your expenses. Cut out what isn’t necessary in your budget to free up extra money that you can put on your credit card. It might take a while, but every dollar you pay on the credit card represents another step closer to eliminating your credit card debt.
Ask For A Lower Interest Rate
It’s amazing what you can accomplish when you just ask. Credit card companies don’t want you to fall way behind on your payments. If you fall behind and are forced to file bankruptcy, the credit card company will only be able to retrieve a fraction of what you owe them. That is why most are willing to work with you on paying the card back. The companies may even offer you zero interest for several months.
Transfer Your Balance
This might sound counter productive, but it can help. Consider taking out either a loan or another credit card that offers you zero interest for an extended period of time (such as six months). This gives you an additional six months to pay down on your credit card with zero interest.
By budgeting, not spending money when you don’t need to, and by focusing on your credit card debt, you can begin to pay down your credit cards. It just takes some time and patience.

As a Branch Manager, Kay helps personal and business clients by providing products and services designed to meet their individual needs. A dedicated volunteer with the City and County, she has over 33 years in banking and a vast knowledge of financial services. Kay is able to provide financial counseling through consultative conversations as a part of her role. Whether your needs are deposit or loan related, contact Kay and see how she can help with your individual financial security!
Asst Vice President & Branch Manager • 770-515-7073 • [email protected]