How to pay off credit card debt fast

Credit card debt can be crushing. Large debts can quickly get out of control, as the interest payments each month can eventually represent a huge expense on their own.

If you’re looking to figure out how to pay off credit card debt fast, the following list can help you out. By paying down credit card debt at an accelerated rate, you reduce how much interest you pay.

How to Pay Off Credit Card Debt Fast

While the best way to pay off your credit card debt is to spend less so that you can put money on your bill, there are a few tactics that you can also make use of to make paying your debt down easier.

Consolidate Your Debt

If you have several credit cards, it can make sense to merge all of your debt onto one. Many credit cards have a balance transfer, which is either free or comes in at a low rate, that lets you pay off a credit card with another one.


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You should also look into potentially getting a new credit card. Some offer zero percent interest for a pre-determined period, and if you can transfer your balance to them, you can completely eliminate interest payments.

If you’re able to do this, move all of your debt from your high interest cards to your lowest interest card. This reduces your interest payments and makes it more manageable to pay down the principal debt. You can also pay off your credit cards with a line of credit, if you have one, which typically has a lower interest rate than most credit cards.

Focus on the Highest Interest Rate

If you have a single credit card but have multiple debts — like a car loan and a mortgage — there is another strategy you should take. Instead of consolidating your debt, which you can’t do with a single card, you should pay the minimum payment on all your other debts.

Then, take whatever money you have leftover, and put it all on your credit card. While this may slow down how quickly you are able to pay off your car or your house, it does make financial sense. This is because credit cards have the highest interest rates of most types of debt, so the quicker you pay it off, the more money you will save.

Once your credit card has been paid in full, you can switch back to putting more money towards your other, lower interest debts.

Paying Off Credit Card Debt Creates Financial Stability

Now that you know how to pay off credit card debt fast, you can begin your journey to financial stability. Once you’ve paid off a credit card bill, keep the balance low each month so that you can clear it. Not letting the balance grow can help you avoid dealing with paying down a larger debt in the future.


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For more information about credit cards, check out this credit card FAQ.