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How to Pay Off Credit Card Debt Faster

If you need to learn how to pay off credit card debt faster, you need to know the right steps to take. Read on in this article to get rid of debt fast. How to Pay Off Credit Card Debt Faster Americans are struggling with burdensome credit card debt and most have no clue how to get out of the mess they now find themselves in.

Wanting to pay off your debt ASAP is a great first step. Read on for some tips on how to pay off credit card debt fast.

How to pay off credit card debt faster: Where to start

  1. First you need to prioritize your credit card debt. If you have debt on multiple cards, you need to organize them from the highest annual percentage rate (APR) to the lowest APR, and get those higher ones paid off fast!

  2. Don't keep your money in a savings account that only earns about 1-2% interest - and meanwhile paying 10-20% in interest rates to your credit card lenders! Keep enough on hand to pay your monthly bills and apply that money to those high-interest cards.

  3. Consider applying some of your 401k towards your credit debt. You will probably pay a penalty tax on your withdrawal--but in the long run--you will be saving lots of money! Many credit cards that charge 18% or more on interest rates--will end up earning more than double the original amount they loaned you!

How to pay off credit card debt faster: Getting serious

If you are serious about getting out of debt quickly, you need to consider some tough options:
  • Getting a second - or even weekend job. Sure, you're going to spend more time away from home, and probably only make a few hundred dollars a month--but paying more on your credit cards, and even making bi-weekly payments instead of monthly payments can save you literally hundreds, if not thousands of dollars!

  • Spend less money! Give up those extras that drain your wallet - such as eating out, going to the movies, or that barely-used gym membership.

  • Stop buying stuff you don't need - and sell the stuff you don't use. Yes - it's painful--but this too shall pass. Learn to say "no" to yourself (and your kids), - or at least "wait."

How to pay off credit card debt faster: Doing "hard"

Doing the hard thing may be just the right thing to get you out of the 3-ring circus of piles of monthly bills - collection notices from your lenders - and threatening calls from collection agencies.

Getting serious about getting out of debt - and staying out - is really the only way to be able to lay your head down on your pillow at night -and actually sleep.

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