5 Tips for Paying Off Those Credit Cards Quickly

If you’ve ever dealt with credit cards, then you already know they are a useful tool, but they can also get you in a heap of trouble if you aren’t careful. There are many myths out there associated with these cards and the debt they carry, but what it comes down to is you have to pay your bills if you don’t want to ruin your credit score. With that in mind, read on below for a few tips to help you pay them off quickly.

Pay off the One with the Smallest Balance First

It makes sense to pay off the credit card that has the smallest balance first to get one out of the way. For example, if you have one credit card that has a $1000 balance and one that has a $200 balance, pay off that one first. If you don’t have the money to do that, consider getting a small personal loan to get it done. It’ll be easier to pay off the loan than it will to be late on the card and end up with late fees and interest that will have you owing a cool 1K before you know it.

Look at the Bill in Chunks

There is really no certain order that you should pay off your credit cards in, but it does help to pay off the smallest ones first and then look at the rest in chunks, not as one huge bill that needs to be paid. For example, if your credit card debt is totaling $10,000, you should look at it in manageable chunks of $2500 a piece. It will make it easier to deal with, when you aren’t looking at the debt as something that has to be paid off all at once.

Work on the Cards with the Highest Interest Rates

Once you have paid off the smallest cards and broken the others down into manageable chunks, start working on the cards with the highest interest rates, since those are the ones that are costing you the most money. You have to whittle down the principal owed on the card, so that the interest doesn’t eat you alive.

Consolidate Your Debt

One of the best ways to pay off your credit card debt quickly is by consolidating that debt. There are many places out there that are willing to help you do that. If you can put all of your credit card balances into one lump sum and make one low, monthly payment, you won’t be scrambling to figure out who to pay first and get behind on some.

Create a Budget

Another way to pay off your cards quickly is by dedicated so much of your monthly budget to paying each card. In this way, you’ll be whittling away at them a little at a time, but they will get paid.

These are just a few of the top tips out there for paying off your credit cards as quickly as possible. Remember, interest fees are killer, so work to pay the principal down as fast as you can.

How to Maintain a Good Credit Score

What causes bad credit? Late payments, charge-offs, defaulting on loans, foreclosure and bankruptcies are some of the things that can ruin your credit. An unpaid judgment can also cause your credit score to drop to the point where even an easy personal loan isn’t so easy to get. Dealing with bad credit can be frustrating. Fortunately, there are ways that you can keep your credit score high.

How to Improve Your Credit Score

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