Credit card debt is one of the few kinds of debt that actually increases with time. By simply choosing to pay the minimum on a credit card bill, you are subjecting yourself to interest fees. Those fees can have an enormous affect on your budget over time.

Keep in mind that the minimum payment percentage rate established by your lender is to make sure you do not completely pay off the debt for a long time. By paying only the minimum required amount, you are subjecting yourself to years of payment with plenty of interest tacked on.

The faster you pay off that credit card bill, the less in extra interest fees you will have to pay and as a result you will have saved money. This is why paying off your credit card debts completely should be a high goal in your budget.

How Can I Pay My Credit Card Debt Faster?

The strategy to pay off credit card debt faster is to develop and set plan and follow it. Some ways to help you pay off credit card debts is:

  • Target One Debt at a Time: Focus on one credit card balance and try to pay more than the minimum payment to get rid of the debt faster. Then, move on and to another card. Try to pay the card with the lowest balance.
  • Pay More than the Minimum Payment: Paying more than the minimum payment helps you fight high interest charges.
  • Consolidate All Credit Cards in One: Consolidating all your credit card balances to one will help you pay down your balance faster and helps you not miss any payments.
  • Create a Budget: Create a spending budget where you can use all the money you save into paying off your credit card balance.

What If My Credit Card Has a High Interest Rate?

The first thing you will want to do is look around at interest rates on other credit cards. Consider whether the card have a fixed APR or a variable APR. Generally you will want to find a credit card with the lowest interest rates.

Once you have found a card with the low interest rates, compare it to your current credit card. If you card has higher interest rates, you may be able to call up your credit card company and negotiate for a lower rate. Simply say that you have found another card with a lower interest rate and that you will have to switch accounts unless your current credit card’s interest rates can be reduced to match the competitor’s you are looking at. If you have a good credit history, this tactic will usually work.

Seeking Legal Help

You may want to speak with a credit lawyer who has experience with consumer credit issues. Your attorney can let you know what protections you may have from creditors under state and federal laws as well as help you work out a plan to assort and pay off all of your debts.