Credit Score Articles

Best Way To Pay Down Credit Card Debt

Person sitting with budgeting tools spread out in front of them

Racking up credit card debt is often feels like a weathering a slippery slope, as expenses continue to build and interest accrues. At a certain point you may feel the need to relinquish control, however daunting that task may be there are certain surefire ways to accomplish your goal of paying down credit card debt.

Stop the Madness

First thing’s first – stop using your credit card! How are you going to pay it off if you continue to acquire debt?

Next, you will need to decide where to put your energy. If you’re going to swiftly and strategically get rid of your debt, you will have to prioritize the account(s) you want to repay first.

Often the best tactic is to work with debt that has the highest interest rate, but it depends on your circumstances.  Others may benefit from the gratification of paying off an entire balance in full, in which case they could focus on the account with the lowest balance.


Pay As Much As Possible


Either way you choose, you will have to pay far beyond the minimum amount due – sometimes a hard habit to break. In fact the best way is to pay as much as you can afford.

Think about how long it will take you to completely pay off the debt, at your determined monthly rate. Then, set that as your goal and mark it in your calendar.

Re-Organize Your Budget

Take a moment to reorganize your budget. See where you can afford to cut back spending. It’s not uncommon to reduce all other loan payments to the minimum while you focus on ramping up your payments towards the targeted account. 

As always, think about pinching your pennies, because sometimes a small change can make a big difference. Cutting down on little luxuries like getting your nails done or eating out every weekend can give you more money to devote to your credit card bills.

Pay Less, More Often

Speaking of small changes, another great way to pay down debt is to make more than one payment each billing cycle, spreading out your expense. You conserve some of your cash flow, week to week, but ultimately pay more towards your balance. 

It requires a great deal of patience and discipline to pay down sizable credit card bills, but staying on top of your debt can help your credit score and get you closer to accomplishing other personal and financial goals.