Have Credit Card Debt? Here are 3 steps to pay off over $10k credit card debt quickly.
Follow this guide if you are serious on eliminating your debt quickly
Have Credit Card Debt?
If you currently have large amounts of credit card debt you know the amount of stress you can feel just knowing that debt is there growing in size and it’s putting you more and more behind every single month if the debt doesn’t get paid.
This debt can hold you back from doing the things you want, growing in size and ruining your credit at the same time.
The feeling is not a good one, I know because I was there!
(Now I have zero balances on most of my credit cards and I couldn’t be happier about it – Image below)
That is why we want to provide you with the top proven ways to get financially free, get off that financial treadmill, and eliminate that mountain of debt holding you back. Not only will you find the 3 step-proven process I used to pay off my debt very quickly but also the top tools & services to pay off your debt quickly you absolutely MUST use to pay off your debt fast. Make sure to save or bookmark this article, you will be glad!
Just take action as quickly as possible the longer you put off taking these steps the longer your debt will grow and the harder it will be to pay it off.
These steps helped me pay off about $31K in credit card, auto loans, and medical debt in about 18 months while still spending on the things I enjoyed most.
Step 1. Eliminate High-Interest Debt
The first step you must take to start paying off credit card debt is to eliminate as much as you can high interest debt. Credit cards are especially difficult to pay off because they have 2 characteristics that make it feel like you’re on a treadmill not being able to pay off your credit card debt.
The first characteristic is most credit cards have “Variable” interest rates which means that they can go up and down depending on the market. The bad news is that recently the Federal Reserve just increased interest rates which means your credit card will likely be going up as well. The second characteristic is that they are high-interest rates very likely around 20% a year.
A simple example is if you owe $10,000, which one would you rather have? A) $10,000 debt at 20% Interest Rate is about $2,000 Interest rate cost per year. B) $10,000 debt at 5% Interest Rate is about $500 Interest rate cost per year. The answer is simple, Option B would allow you to pay off your debt faster. The first step is to eliminate High-Interest debt as much as possible by using a personal loan. So basically you would get a loan for a lower interest than what you currently pay, and pay off all the debt on your credit cards leaving you with only the low-interest debt which is much easier to pay off.
Below you can find 3 of the top debt refinancing loans to reduce the interest rate and pay off your credit cards faster:
Well, many personal loans have hidden fees, SOFI Personal loan has no hidden fees, late fees, or insufficient fund fees. Or overall fees.
They also offer from $5k to $100K, so if you have a lot of debt you can lower the interest rate for all your debt.
They even have something called Unemployment Protection, which means that if you for any reason would lose your job, they can temporarily modify the payments to help you out.
They also have percentage decreases for certain actions, if you want to pay off credit card debt they give you a 0.25% decrease, if you send the personal loans fund directly to pay off the credit cards, they give you another 0.25% decrease if you set automatic payments they give you other decreases and there might be a few other rate decreases we have not discovered yet.
If I was in your position, I would definitely at least try since a 0% interest rate can save you a huge amount of money over that year or longer. Here are the top Balance transfer Credit cards for 2022. Some of these credit cards give you 21 months or longer of 0% interest rates. Almost 2 years of 0% interest rate.
If you can get one of these credit cards with 0% interest rates and the rest of the debt you pay it off with a personal loan, you will save yourself very likely thousands of dollars and pay off your debt much quicker than any other way.
What really helped me pay off my debt quickly, is seeing a complete plan of my debt getting paid off and knowing exactly what I had to do in order to pay off my debt. It got me to focus 100% on achieving this goal and made it simple to know if I was on track or not to pay off my debt.
If you are really in a tough place with your debt and you see it very difficult to be able to get out. I will let you know of an option that can definitely help you get out of your debt. But this is the last option when you absolutely cannot figure out another way to get out of debt at all.
When I was in debt I looked into this option since for a point I was finding it very difficult to pay off my debt. I want to share the good and bad of this option. I ended up not going with this “Get out of debt” option because they do have a few setbacks that I will let you know about.
The first option I want to share with you is a debt relief option. I looked into a ton of debt relief services when I was deep into debt. And the service provider I found that looked about the best was one called CuraDebt. CuraDebt is a company that helps you negotiate with credit card companies and do debt settlements and they have been around for years helping people. Every creditor is different but they all have an amount that they would accept, many times through debt settlement you can end up saving about 55% or more on your debt. Which is great, the bad part is that it can hurt your credit pretty severely for a few years. But if your credit is already very hurt and you can’t figure out how to pay for this debt.
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